Data Analysis
Measured by Clometrix
Bitcoin's volatility ratio was 4.46x, against 2.08x for a typical PPI release since 2021. Its volume ratio was 8.91x, against a typical 2.30x. That is more than twice what this release usually does. 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 $67,854.54 when the figure came out. Fifteen minutes later it was 0.18% lower, and an hour later 0.26% higher. Its high-to-low range in the hour after was 1.49% of its price, against 0.46% in the hour before.
The release
Released by the Bureau of Labor Statistics on 13 June 2024 at 8:30 AM EDT. The Producer Price Index came in at 0.0% for May 2024, against 0.5% in April 2024. Producer prices are still rising, but more slowly than before.
It arrived at the same moment as Core Producer Price Index, Initial Jobless Claims and Continued Jobless Claims, 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 the day after the Federal Reserve's 12 June rate decision. Its own ratio of 4.46x compares with 2.05x 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 registered an exceptional reaction to the PPI release, with a volatility ratio of 4.46x against the 2.08x median recorded across 70 PPI prints since 2021. Volume expanded even more sharply to 8.91x versus the typical 2.30x. The move arrived the day after the Federal Reserve's June rate decision and coincided with core PPI plus initial and continued claims.
Bitcoin stood at $67,854.54 when the data appeared at 8:30 AM EDT. The price slipped 0.18% within fifteen minutes before closing the hour 0.26% higher, while the high-low range widened to 1.49% from 0.46% in the preceding hour.
Releases in the two weeks before a Fed decision have historically produced a median volatility ratio of 2.18x, nearly identical to the 2.05x median for all other periods. This instance nevertheless reached 4.46x, more than double the usual level even though it fell 47 days before the next scheduled decision. Traders reviewing the record may note that post-decision timing alone has not reliably dampened Bitcoin's response to PPI.
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
68,185.03Close
66,784.9624h Change
-1400.07 (-2.10%)24h High
68,449.3024h Low
66,251.7824h Volume
29,235 BTCUS Producer Price Index
Bureau of Labor Statistics
13th June, 2024, 8:30AM Timezone: America/New York
Chart Data from Binance
Observations
| Time | Open | High | Low | Close | Change | Amplitude | Volume |
|---|---|---|---|---|---|---|---|
| 1 Minute | |||||||
| Before | 67850.00 | 67856.00 | 67820.64 | 67854.53 | 0.01% | 0.05% | 17 BTC |
| During | 67854.54 | 68449.30 | 67770.00 | 68224.68 | 0.54% | 0.99% | 372 BTC |
| 5 Minutes | |||||||
| Before | 67836.95 | 67876.00 | 67816.24 | 67854.53 | 0.03% | 0.09% | 77 BTC |
| During | 67854.54 | 68449.30 | 67702.17 | 68108.97 | 0.37% | 1.09% | 1,119 BTC |
| 10 Minutes | |||||||
| Before | 67735.37 | 67876.00 | 67735.37 | 67854.53 | 0.18% | 0.21% | 115 BTC |
| During | 67854.54 | 68449.30 | 67702.17 | 67774.07 | -0.12% | 1.09% | 1,475 BTC |
| 15 Minutes | |||||||
| Before | 67830.01 | 67876.00 | 67735.36 | 67854.53 | 0.04% | 0.21% | 165 BTC |
| During | 67854.54 | 68449.30 | 67615.68 | 67729.88 | -0.18% | 1.22% | 1,709 BTC |
| 30 Minutes | |||||||
| Before | 67740.00 | 67876.00 | 67710.00 | 67854.53 | 0.17% | 0.24% | 332 BTC |
| During | 67854.54 | 68449.30 | 67439.43 | 67749.54 | -0.15% | 1.48% | 2,325 BTC |
| 1 Hour | |||||||
| Before | 67924.28 | 67961.07 | 67648.49 | 67854.53 | -0.10% | 0.46% | 703 BTC |
| During | 67854.54 | 68449.30 | 67439.43 | 68033.26 | 0.26% | 1.48% | 3,067 BTC |
| 2 Hours | |||||||
| Before | 67385.51 | 67971.20 | 67371.10 | 67854.53 | 0.69% | 0.88% | 2,056 BTC |
| During | 67854.54 | 68449.30 | 67150.00 | 67284.02 | -0.85% | 1.90% | 5,466 BTC |
| 4 Hours | |||||||
| Before | 67590.48 | 67971.20 | 67168.00 | 67854.53 | 0.39% | 1.18% | 3,753 BTC |
| During | 67854.54 | 68449.30 | 66251.78 | 66665.99 | -1.78% | 3.21% | 11,200 BTC |
| 6 Hours | |||||||
| Before | 67470.96 | 67971.20 | 67168.00 | 67854.53 | 0.57% | 1.18% | 5,064 BTC |
| During | 67854.54 | 68449.30 | 66251.78 | 66868.02 | -1.48% | 3.21% | 13,753 BTC |
| 8 Hours | |||||||
| Before | 68185.03 | 68393.63 | 66969.98 | 67590.48 | -0.88% | 2.08% | 8,132 BTC |
| During | 67590.48 | 68449.30 | 66251.78 | 66665.99 | -1.39% | 3.21% | 14,953 BTC |
| 12 Hours | |||||||
| Before | 68185.03 | 68393.63 | 66969.98 | 67854.53 | -0.49% | 2.08% | 11,885 BTC |
| During | 67854.54 | 68449.30 | 66251.78 | 66784.96 | -1.60% | 3.21% | 17,349 BTC |
