BTC Volatility Analysis for Personal Income, 30th August 2024

Data Analysis

The data released by Bureau of Economic Analysis for Personal Income and Outlays on 30th August, 2024 has come in at an increase to 0.2% for July 2024. Compared to the previous release for June 2024 at 0.2%, we can see that consumer sentiment is increasing month over month.

To see the impact and volatility of BTC's price during the Personal Income release, we will first observe the difference in volume and price changes on the 4-hours chart, followed by the 15-minutes chart. Change in prices will be be determined by the high and low prices instead of the opening and closing prices.

4-Hours Chart Analysis

In the period prior to the release, the trading volume was 3,153 BTC with prices swinging between 59,300.00 and 59,674.42, representing a swing of 0.63%. Subsequently, the trading volume increased significantly by 267% to 11,558 BTC. Price action ranged from a low of 57,701.10 to a high of 59,944.07, a significant difference of 3.74%

15-Minutes Chart Analysis

Analysing on a lower time frame to get a more accurate picture, 254 BTC in trading volume was observed prior to the data release. Prices ranged between a low of 59,421.10 to a high of 59,665.63, a 0.41% change. Immediately following, trading volume increased significantly by 226% to 830 BTC. At this time, Bitcoin hit a low of 59,436.28 with a high of 59,944.07, a significant change of 0.85%.

About Personal Income and Outlays

Personal Income measures the change in the total value of income received from all sources by consumers. Income is closely correlated with consumer spending, which accounts for a majority of overall economic activity.