Data Analysis
The release
Released by the Bureau of Labor Statistics on 11 August 2023 at 8:30 AM EDT. The Producer Price Index came in at 0.5% for July 2023, against 0.0% in June 2023. Producer prices are rising faster than before.
It arrived at the same moment as Core Producer Price Index, so the reaction measured on this page belongs to all of them together.
How Bitcoin moved
Bitcoin was at $29,442.00 when the figure came out. Fifteen minutes later it was unchanged, and an hour later unchanged. Its high-to-low range in the hour after was 0.21% of its price, against 0.18% in the hour before.
Measured by Clometrix
Bitcoin's volatility ratio was 2.12x, against 2.08x for a typical PPI release since 2021. Its volume ratio was 2.34x, 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 2.12x compares with 2.05x for those, about what its circumstances would suggest.
Its record
Across 70 PPI releases since 2021, Bitcoin's median volatility ratio is 2.08x.
What it means
Bitcoin registered an ordinary reaction to the July 2023 PPI release. Volume rose to a comparable 2.34x multiple of a normal quarter-hour.
The release arrived well outside the period that typically precedes Federal Reserve decisions, landing 39 days before the September 2023 meeting. PPI prints in the two weeks before policy announcements have produced a median volatility ratio of 2.18x, little different from the 2.05x median observed at other times. This instance fell in line with the non-Fed-window benchmark.
Across the full history of 70 PPI releases, Bitcoin has shown a median volatility ratio of 2.08x. The measured outcome therefore matched both the event's long-run record and the specific circumstances of timing. Traders monitoring the next PPI release can note that releases of this magnitude and calendar placement have not produced outsized moves relative to the established distribution.
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
29,486.79Close
29,430.8124h Change
-55.98 (-0.19%)24h High
29,564.5224h Low
29,252.4524h Volume
20,607 BTCUS Producer Price Index
Bureau of Labor Statistics
11th August, 2023, 8:30AM Timezone: America/New York
Chart Data from Binance
Observations
| Time | Open | High | Low | Close | Change | Amplitude | Volume |
|---|---|---|---|---|---|---|---|
| 1 Minute | |||||||
| Before | 29443.62 | 29445.00 | 29442.00 | 29442.01 | -0.01% | 0.01% | 11 BTC |
| During | 29442.00 | 29446.00 | 29421.19 | 29422.00 | -0.07% | 0.08% | 107 BTC |
| 5 Minutes | |||||||
| Before | 29435.38 | 29446.76 | 29435.38 | 29442.01 | 0.02% | 0.04% | 70 BTC |
| During | 29442.00 | 29446.00 | 29408.00 | 29414.99 | -0.09% | 0.13% | 183 BTC |
| 10 Minutes | |||||||
| Before | 29443.14 | 29446.76 | 29434.64 | 29442.01 | 0.00% | 0.04% | 210 BTC |
| During | 29442.00 | 29446.00 | 29408.00 | 29432.01 | -0.03% | 0.13% | 284 BTC |
| 15 Minutes | |||||||
| Before | 29450.01 | 29450.01 | 29434.64 | 29442.01 | -0.03% | 0.05% | 368 BTC |
| During | 29442.00 | 29454.08 | 29408.00 | 29448.01 | 0.02% | 0.16% | 402 BTC |
| 30 Minutes | |||||||
| Before | 29445.96 | 29460.00 | 29434.64 | 29442.01 | -0.01% | 0.09% | 661 BTC |
| During | 29442.00 | 29454.08 | 29397.50 | 29425.99 | -0.05% | 0.19% | 580 BTC |
| 1 Hour | |||||||
| Before | 29405.67 | 29460.00 | 29405.66 | 29442.01 | 0.12% | 0.18% | 1,029 BTC |
| During | 29442.00 | 29460.02 | 29397.50 | 29441.85 | 0.00% | 0.21% | 835 BTC |
| 2 Hours | |||||||
| Before | 29407.51 | 29460.00 | 29391.93 | 29442.01 | 0.12% | 0.23% | 1,972 BTC |
| During | 29442.00 | 29564.52 | 29397.50 | 29512.41 | 0.24% | 0.56% | 2,629 BTC |
| 4 Hours | |||||||
| Before | 29440.90 | 29460.00 | 29350.00 | 29442.01 | 0.00% | 0.37% | 3,671 BTC |
| During | 29442.00 | 29564.52 | 29354.00 | 29392.00 | -0.17% | 0.71% | 5,691 BTC |
| 6 Hours | |||||||
| Before | 29437.95 | 29490.00 | 29350.00 | 29442.01 | 0.01% | 0.47% | 6,001 BTC |
| During | 29442.00 | 29564.52 | 29252.45 | 29355.33 | -0.30% | 1.06% | 7,995 BTC |
| 8 Hours | |||||||
| Before | 29486.79 | 29498.17 | 29352.47 | 29440.90 | -0.16% | 0.49% | 6,869 BTC |
| During | 29440.90 | 29564.52 | 29350.00 | 29392.00 | -0.17% | 0.73% | 9,361 BTC |
| 12 Hours | |||||||
| Before | 29486.79 | 29498.17 | 29350.00 | 29442.01 | -0.15% | 0.50% | 10,539 BTC |
| During | 29442.00 | 29564.52 | 29252.45 | 29430.81 | -0.04% | 1.06% | 10,067 BTC |
