Data Analysis
Measured by Clometrix
Bitcoin's volatility ratio was 3.42x, against 2.08x for a typical PPI release since 2021. Its volume ratio was 4.33x, 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 $24,613.83 when the figure came out. Fifteen minutes later it was 0.3% higher, and an hour later 0.1% higher. Its high-to-low range in the hour after was 1.57% of its price, against 0.85% in the hour before.
The release
Released by the Bureau of Labor Statistics on 11 August 2022 at 8:30 AM EDT. The Producer Price Index came in at -0.3% for July 2022, against 0.9% in June 2022. Producer prices are falling, after a rise.
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 was not within two weeks of a Fed decision. Its own ratio of 3.42x 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 a strong reaction to the August 2022 PPI release, with a volatility ratio of 3.42x compared to the 2.08x median across PPI events since 2021. Volume expanded to 4.33x against a typical 2.30x. This placed the move well above the event's usual impact.
Bitcoin traded at $24,613.83 at the 8:30 AM release. It rose 0.3 percent within fifteen minutes and held a 0.1 percent gain after one hour. The hourly high-low range widened to 1.57 percent from 0.85 percent beforehand.
The release fell outside the two-week window ahead of the next Federal Reserve decision. PPI releases near policy meetings have produced a median volatility ratio of 2.18x, close to the 2.05x median away from those windows. This instance nevertheless exceeded the 2.05x benchmark for non-proximate releases. The broader record shows a 2.08x median volatility ratio across seventy PPI prints since 2021. Traders may note that even releases distant from policy decisions can generate outsized moves when the data surprise aligns with other concurrent indicators.
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
23,945.12Close
23,877.6224h Change
-67.50 (-0.28%)24h High
24,918.5424h Low
23,761.8424h Volume
250,374 BTCUS Producer Price Index
Bureau of Labor Statistics
11th August, 2022, 8:30AM Timezone: America/New York
Chart Data from Binance
Observations
| Time | Open | High | Low | Close | Change | Amplitude | Volume |
|---|---|---|---|---|---|---|---|
| 1 Minute | |||||||
| Before | 24657.67 | 24662.49 | 24593.81 | 24612.47 | -0.18% | 0.28% | 325 BTC |
| During | 24613.83 | 24918.54 | 24612.37 | 24779.30 | 0.67% | 1.23% | 2,711 BTC |
| 5 Minutes | |||||||
| Before | 24658.57 | 24686.70 | 24593.81 | 24612.47 | -0.19% | 0.38% | 986 BTC |
| During | 24613.83 | 24918.54 | 24531.05 | 24614.16 | 0.00% | 1.56% | 5,934 BTC |
| 10 Minutes | |||||||
| Before | 24653.81 | 24711.33 | 24593.81 | 24612.47 | -0.17% | 0.48% | 2,195 BTC |
| During | 24613.83 | 24918.54 | 24531.05 | 24738.36 | 0.50% | 1.56% | 8,456 BTC |
| 15 Minutes | |||||||
| Before | 24644.79 | 24734.49 | 24593.81 | 24612.47 | -0.13% | 0.57% | 3,899 BTC |
| During | 24613.83 | 24918.54 | 24531.05 | 24687.93 | 0.30% | 1.56% | 9,995 BTC |
| 30 Minutes | |||||||
| Before | 24559.37 | 24734.49 | 24546.00 | 24612.47 | 0.22% | 0.76% | 6,950 BTC |
| During | 24613.83 | 24918.54 | 24531.05 | 24862.02 | 1.00% | 1.56% | 14,590 BTC |
| 1 Hour | |||||||
| Before | 24543.54 | 24734.49 | 24524.36 | 24612.47 | 0.28% | 0.85% | 12,012 BTC |
| During | 24613.83 | 24918.54 | 24531.05 | 24637.22 | 0.09% | 1.56% | 23,036 BTC |
| 2 Hours | |||||||
| Before | 24456.91 | 24734.49 | 24442.11 | 24612.47 | 0.63% | 1.18% | 18,263 BTC |
| During | 24613.83 | 24918.54 | 24528.29 | 24639.00 | 0.10% | 1.57% | 38,797 BTC |
| 4 Hours | |||||||
| Before | 24456.58 | 24734.49 | 24381.23 | 24612.47 | 0.63% | 1.43% | 33,640 BTC |
| During | 24613.83 | 24918.54 | 24255.72 | 24371.31 | -1.00% | 2.66% | 67,965 BTC |
| 6 Hours | |||||||
| Before | 24570.21 | 24745.00 | 24345.08 | 24612.47 | 0.17% | 1.62% | 56,079 BTC |
| During | 24613.83 | 24918.54 | 24084.96 | 24197.96 | -1.72% | 3.35% | 87,812 BTC |
| 8 Hours | |||||||
| Before | 23945.12 | 24745.00 | 23912.39 | 24456.58 | 2.09% | 3.36% | 86,418 BTC |
| During | 24456.58 | 24918.54 | 24255.72 | 24371.31 | -0.35% | 2.66% | 101,605 BTC |
| 12 Hours | |||||||
| Before | 23945.12 | 24745.00 | 23912.39 | 24612.47 | 2.71% | 3.36% | 120,058 BTC |
| During | 24613.83 | 24918.54 | 23761.84 | 23877.62 | -3.08% | 4.64% | 130,316 BTC |
