Data Analysis
Measured by Clometrix
Bitcoin's volatility ratio was 4.13x, against 2.08x for a typical PPI release since 2021. Its volume ratio was 4.40x, against a typical 2.30x. That is a strong reaction by this release's own standard. Both compare the quarter hour of the release with an ordinary quarter hour that same day, where 1.00x is no change: volatility is how far the price ranged, volume how much traded.
How Bitcoin moved
Bitcoin was at $24,646.53 when the figure came out. Fifteen minutes later it was 0.12% lower, and an hour later 1.27% higher. Its high-to-low range in the hour after was 3.21% of its price, against 2.33% in the hour before.
The release
Released by the Bureau of Labor Statistics on 15 March 2023 at 8:30 AM EDT. The Producer Price Index came in at -0.1% for February 2023, against 0.4% in January 2023. Producer prices are falling, after a rise.
It arrived at the same moment as Retail Sales, Retail Sales Excluding Automobiles and Core Producer Price Index, so the reaction measured on this page belongs to all of them together.
What made it matter
Since 2021, PPI releases in the two weeks before a Fed decision have moved Bitcoin about as much as those at other times: a median volatility ratio of 2.18x across 29, against 2.05x across 41. This one came out 7 days before the Federal Reserve's 22 March rate decision. Its own ratio of 4.13x compares with 2.18x for those, so it moved the price more than its circumstances alone would suggest.
Its record
Across 70 PPI releases since 2021, Bitcoin's median volatility ratio is 2.08x.
What it means
Bitcoin showed a strong reaction to the March 2023 PPI release, with volatility reaching 4.13x against the 2.08x median recorded across PPI events since 2021. Volume expanded to 4.40x compared with the typical 2.30x, confirming elevated trading interest in the quarter hour after the figures arrived. The move exceeded the 2.18x median seen in the 29 prior PPI releases that fell inside the two-week window before a Federal Reserve decision.
Bitcoin stood at $24,646.53 at the moment of publication. The price slipped 0.12 percent in the first fifteen minutes before recovering to finish 1.27 percent higher after one hour. Its high-to-low range widened to 3.21 percent of spot in that hour, up from 2.33 percent in the hour before the data.
Because the release coincided with Retail Sales, Retail Sales Excluding Automobiles and Core PPI, the measured response reflects the combined impact of all four prints. Traders reviewing the next PPI print may note that releases accompanied by multiple same-time data points can produce larger moves than the event median alone would indicate.
About Producer Price Index
The Producer Price Index (PPI) measures the average change over time in the prices domestic producers receive for their output. It is a measure of inflation at the wholesale level that is compiled from thousands of indexes measuring producer prices by industry and product category. The index is published monthly by the U.S. Bureau of Labor Statistics (BLS).
Disclaimer
The data analysis, forecasted results and projections provided herein are based on historical price action and market trends. While every effort has been made to ensure the accuracy of the information, these predictions are speculative and should not be considered a guarantee of future performance. Market conditions can change rapidly, and past performance is not indicative of future results. Trading and investing involve significant risk, and you should conduct your own research and consult with a licensed financial advisor before making any investment decisions. We do not assume any liability for any losses that may result from reliance on this information.
BTC-USDT
Bitcoin
Open
24,388.33Close
24,335.7424h Change
-52.59 (-0.22%)24h High
25,196.9724h Low
23,896.9524h Volume
576,697 BTCUS Producer Price Index
Bureau of Labor Statistics
15th March, 2023, 8:30AM Timezone: America/New York
Chart Data from Binance
Observations
| Time | Open | High | Low | Close | Change | Amplitude | Volume |
|---|---|---|---|---|---|---|---|
| 1 Minute | |||||||
| Before | 24614.34 | 24653.00 | 24613.83 | 24646.53 | 0.13% | 0.16% | 416 BTC |
| During | 24646.53 | 25000.00 | 24643.24 | 24946.62 | 1.20% | 1.43% | 3,280 BTC |
| 5 Minutes | |||||||
| Before | 24580.85 | 24653.00 | 24538.62 | 24646.53 | 0.27% | 0.46% | 1,935 BTC |
| During | 24646.53 | 25196.97 | 24643.24 | 24977.14 | 1.32% | 2.20% | 11,271 BTC |
| 10 Minutes | |||||||
| Before | 24566.81 | 24653.00 | 24502.00 | 24646.53 | 0.32% | 0.61% | 4,377 BTC |
| During | 24646.53 | 25196.97 | 24643.24 | 24810.18 | 0.66% | 2.20% | 16,758 BTC |
| 15 Minutes | |||||||
| Before | 24642.53 | 24659.99 | 24502.00 | 24646.53 | 0.02% | 0.64% | 7,439 BTC |
| During | 24646.53 | 25196.97 | 24586.98 | 24616.78 | -0.12% | 2.42% | 21,834 BTC |
| 30 Minutes | |||||||
| Before | 24753.27 | 24829.59 | 24502.00 | 24646.53 | -0.43% | 1.32% | 16,297 BTC |
| During | 24646.53 | 25196.97 | 24405.38 | 24808.12 | 0.65% | 3.14% | 36,121 BTC |
| 1 Hour | |||||||
| Before | 24294.82 | 24829.59 | 24255.00 | 24646.53 | 1.43% | 2.31% | 35,575 BTC |
| During | 24646.53 | 25196.97 | 24405.38 | 24959.75 | 1.25% | 3.14% | 58,840 BTC |
| 2 Hours | |||||||
| Before | 24448.89 | 24829.59 | 24255.00 | 24646.53 | 0.80% | 2.31% | 64,084 BTC |
| During | 24646.53 | 25196.97 | 24405.38 | 24718.70 | 0.29% | 3.14% | 99,396 BTC |
| 4 Hours | |||||||
| Before | 24801.15 | 24829.59 | 24255.00 | 24646.53 | -0.63% | 2.31% | 100,831 BTC |
| During | 24646.53 | 25196.97 | 24119.75 | 24307.79 | -1.39% | 4.28% | 180,856 BTC |
| 6 Hours | |||||||
| Before | 24743.48 | 24922.22 | 24255.00 | 24646.53 | -0.39% | 2.68% | 129,017 BTC |
| During | 24646.53 | 25196.97 | 23896.95 | 24404.26 | -0.99% | 5.16% | 251,827 BTC |
| 8 Hours | |||||||
| Before | 24388.33 | 25074.24 | 24284.60 | 24801.22 | 1.66% | 3.15% | 119,685 BTC |
| During | 24801.15 | 25196.97 | 24119.75 | 24307.79 | -2.03% | 4.28% | 281,687 BTC |
| 12 Hours | |||||||
| Before | 24388.33 | 25074.24 | 24255.00 | 24646.53 | 1.05% | 3.27% | 220,516 BTC |
| During | 24646.53 | 25196.97 | 23896.95 | 24335.74 | -1.28% | 5.16% | 356,181 BTC |
