Data Analysis
The release
Released by the Bureau of Labor Statistics on 13 April 2023 at 8:30 AM EDT. The Producer Price Index came in at -0.3% for March 2023, against -0.1% in February 2023. Producer prices are falling faster 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.
How Bitcoin moved
Bitcoin was at $30,181.08 when the figure came out. Fifteen minutes later it was 0.1% higher, and an hour later 0.25% higher. Its high-to-low range in the hour after was 0.65% of its price, against 0.32% in the hour before.
Measured by Clometrix
Bitcoin's volatility ratio was 2.58x, against 2.08x for a typical PPI release since 2021. Its volume ratio was 2.71x, against a typical 2.30x. That is about 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.
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 2.58x 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 volatility ratio of 2.58x in the quarter hour after the PPI release, modestly above the 2.08x median recorded across 70 prior PPI prints since 2021. The price rose 0.1 percent in the first fifteen minutes and 0.25 percent after one hour, with the hourly range expanding to 0.65 percent from 0.32 percent beforehand. This outcome aligns with Clometrix's classification of the reaction as ordinary for the event.
This release fell outside the two-week window ahead of the next Federal Reserve decision, a period that has historically produced a median volatility ratio of 2.18x for Bitcoin. The observed 2.58x exceeded the 2.05x median for releases at other times.
Traders reviewing this episode may note that PPI releases have shown limited sensitivity to their proximity to policy meetings. The volume ratio reached 2.71x against a typical 2.30x, reinforcing that activity levels responded in line with the event's established pattern.
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
29,949.96Close
30,399.1124h Change
449.15 (1.48%)24h High
30,595.0024h Low
29,945.6424h Volume
52,257 BTCUS Producer Price Index
Bureau of Labor Statistics
13th April, 2023, 8:30AM Timezone: America/New York
Chart Data from Binance
Observations
| Time | Open | High | Low | Close | Change | Amplitude | Volume |
|---|---|---|---|---|---|---|---|
| 1 Minute | |||||||
| Before | 30181.30 | 30181.30 | 30176.36 | 30181.07 | 0.00% | 0.02% | 22 BTC |
| During | 30181.08 | 30269.05 | 30164.23 | 30212.28 | 0.10% | 0.35% | 262 BTC |
| 5 Minutes | |||||||
| Before | 30177.92 | 30199.99 | 30176.36 | 30181.07 | 0.01% | 0.08% | 157 BTC |
| During | 30181.08 | 30269.05 | 30134.16 | 30187.80 | 0.02% | 0.45% | 594 BTC |
| 10 Minutes | |||||||
| Before | 30203.28 | 30249.00 | 30176.35 | 30181.07 | -0.07% | 0.24% | 374 BTC |
| During | 30181.08 | 30269.05 | 30134.16 | 30188.35 | 0.02% | 0.45% | 798 BTC |
| 15 Minutes | |||||||
| Before | 30176.54 | 30249.00 | 30175.94 | 30181.07 | 0.02% | 0.24% | 635 BTC |
| During | 30181.08 | 30269.05 | 30134.16 | 30211.70 | 0.10% | 0.45% | 1,101 BTC |
| 30 Minutes | |||||||
| Before | 30159.81 | 30249.00 | 30159.47 | 30181.07 | 0.07% | 0.30% | 948 BTC |
| During | 30181.08 | 30303.64 | 30134.16 | 30272.14 | 0.30% | 0.56% | 2,085 BTC |
| 1 Hour | |||||||
| Before | 30202.50 | 30249.00 | 30151.00 | 30181.07 | -0.07% | 0.32% | 1,604 BTC |
| During | 30181.08 | 30328.91 | 30134.16 | 30257.60 | 0.25% | 0.64% | 3,447 BTC |
| 2 Hours | |||||||
| Before | 30204.74 | 30249.00 | 30151.00 | 30181.07 | -0.08% | 0.32% | 3,407 BTC |
| During | 30181.08 | 30328.91 | 30134.16 | 30300.80 | 0.40% | 0.64% | 5,713 BTC |
| 4 Hours | |||||||
| Before | 30070.99 | 30374.87 | 30052.99 | 30181.07 | 0.36% | 1.06% | 11,114 BTC |
| During | 30181.08 | 30595.00 | 30134.16 | 30357.66 | 0.58% | 1.51% | 15,251 BTC |
| 6 Hours | |||||||
| Before | 30071.03 | 30374.87 | 29982.93 | 30181.07 | 0.36% | 1.29% | 14,565 BTC |
| During | 30181.08 | 30595.00 | 30134.16 | 30427.17 | 0.81% | 1.51% | 20,250 BTC |
| 8 Hours | |||||||
| Before | 29949.96 | 30200.00 | 29945.64 | 30071.00 | 0.40% | 0.84% | 10,490 BTC |
| During | 30070.99 | 30595.00 | 30052.99 | 30357.66 | 0.94% | 1.77% | 26,365 BTC |
| 12 Hours | |||||||
| Before | 29949.96 | 30374.87 | 29945.64 | 30181.07 | 0.77% | 1.41% | 21,604 BTC |
| During | 30181.08 | 30595.00 | 30134.16 | 30399.11 | 0.72% | 1.51% | 30,653 BTC |
