Data Analysis
The release
Released by the Bureau of Labor Statistics on 14 March 2024 at 8:30 AM EDT. The Producer Price Index came in at 0.5% for February 2024, against 0.4% in January 2024. Producer prices are rising faster than before.
It arrived at the same moment as Retail Sales, Retail Sales Excluding Automobiles, Core Producer Price Index, Initial Jobless Claims and Continued Jobless Claims, so the reaction measured on this page belongs to all of them together.
Measured by Clometrix
Bitcoin's volatility ratio was 0.84x, against 2.08x for a typical PPI release since 2021. Its volume ratio was 1.61x, against a typical 2.30x. Under 1.5x is not a reaction at all: the market barely noticed this release. 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 $72,761.33 when the figure came out. Fifteen minutes later it was 0.11% lower, and an hour later 0.31% lower. Its high-to-low range in the hour after was 0.84% of its price, against 0.89% in the hour before.
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 6 days before the Federal Reserve's 20 March rate decision. Its own ratio of 0.84x compares with 2.18x for those, so it moved the price less than its circumstances would suggest.
What it means
Bitcoin showed a quiet reaction to the 14 March 2024 PPI release, posting a volatility ratio of 0.84x against the 2.08x median recorded for the event since 2021. Volume rose only 1.61x, below the usual 2.30x, confirming that price action stayed within ordinary bounds for that quarter hour of the day. The market barely noticed the data.
Bitcoin traded at $72,761.33 at the moment of release and stood 0.11 percent lower fifteen minutes later and 0.31 percent lower after one hour. Its high-to-low range in the following hour measured 0.84 percent of price, little changed from the 0.89 percent range seen in the hour before.
The print arrived six days before the Federal Reserve decision scheduled for 20 March. Releases in that pre-decision window have carried a median volatility ratio of 2.18x for Bitcoin since 2021. The 0.84x outcome therefore fell short of what the surrounding circumstances have produced in the past.
Traders may note from the record that even releases close to policy meetings can leave Bitcoin largely unmoved when the combined data flow fails to generate sustained interest.
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
73,115.77Close
72,089.0024h Change
-1026.77 (-1.42%)24h High
73,777.0024h Low
68,555.0024h Volume
72,400 BTCUS Producer Price Index
Bureau of Labor Statistics
14th March, 2024, 8:30AM Timezone: America/New York
Chart Data from Binance
Observations
| Time | Open | High | Low | Close | Change | Amplitude | Volume |
|---|---|---|---|---|---|---|---|
| 1 Minute | |||||||
| Before | 72758.54 | 72761.34 | 72692.41 | 72761.33 | 0.00% | 0.09% | 62 BTC |
| During | 72761.33 | 72773.37 | 72650.00 | 72666.21 | -0.13% | 0.17% | 155 BTC |
| 5 Minutes | |||||||
| Before | 72596.16 | 72769.00 | 72401.00 | 72761.33 | 0.23% | 0.51% | 460 BTC |
| During | 72761.33 | 72773.37 | 72516.07 | 72667.97 | -0.13% | 0.35% | 467 BTC |
| 10 Minutes | |||||||
| Before | 72724.11 | 72769.00 | 72401.00 | 72761.33 | 0.05% | 0.51% | 782 BTC |
| During | 72761.33 | 72773.37 | 72516.07 | 72666.98 | -0.13% | 0.35% | 675 BTC |
| 15 Minutes | |||||||
| Before | 72931.06 | 72940.00 | 72401.00 | 72761.33 | -0.23% | 0.74% | 959 BTC |
| During | 72761.33 | 72773.37 | 72516.07 | 72678.05 | -0.11% | 0.35% | 849 BTC |
| 30 Minutes | |||||||
| Before | 72884.01 | 73047.16 | 72401.00 | 72761.33 | -0.17% | 0.88% | 1,453 BTC |
| During | 72761.33 | 72850.03 | 72516.07 | 72829.93 | 0.09% | 0.46% | 1,351 BTC |
| 1 Hour | |||||||
| Before | 72888.00 | 73047.16 | 72401.00 | 72761.33 | -0.17% | 0.88% | 2,280 BTC |
| During | 72761.33 | 72919.60 | 72310.07 | 72533.86 | -0.31% | 0.84% | 2,652 BTC |
| 2 Hours | |||||||
| Before | 73240.00 | 73260.00 | 72401.00 | 72761.33 | -0.66% | 1.17% | 4,466 BTC |
| During | 72761.33 | 72919.60 | 71360.80 | 72201.10 | -0.78% | 2.14% | 9,355 BTC |
| 4 Hours | |||||||
| Before | 73518.33 | 73528.11 | 72401.00 | 72761.33 | -1.04% | 1.53% | 7,142 BTC |
| During | 72761.33 | 72919.60 | 70200.00 | 70304.76 | -3.49% | 3.73% | 20,136 BTC |
| 6 Hours | |||||||
| Before | 73573.13 | 73777.00 | 72401.00 | 72761.33 | -1.12% | 1.87% | 10,908 BTC |
| During | 72761.33 | 72919.60 | 69880.00 | 70597.95 | -3.06% | 4.17% | 27,833 BTC |
| 8 Hours | |||||||
| Before | 73115.77 | 73777.00 | 72500.00 | 73518.32 | 0.55% | 1.73% | 13,230 BTC |
| During | 73518.33 | 73528.11 | 70200.00 | 70304.76 | -4.57% | 4.53% | 27,279 BTC |
| 12 Hours | |||||||
| Before | 73115.77 | 73777.00 | 72401.00 | 72761.33 | -0.49% | 1.87% | 20,373 BTC |
| During | 72761.33 | 72919.60 | 68555.00 | 72089.00 | -0.93% | 5.99% | 52,027 BTC |
