Data Analysis
The release
Released by the Bureau of Labor Statistics on 12 September 2024 at 8:30 AM EDT. The Producer Price Index came in at 0.3% for August 2024, against 0.0% in July 2024. Producer prices are rising 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 $58,103.66 when the figure came out. Fifteen minutes later it was 0.52% lower, and an hour later 0.59% lower. Its high-to-low range in the hour after was 0.98% of its price, against 0.3% in the hour before.
Measured by Clometrix
Bitcoin's volatility ratio was 2.54x, against 2.08x for a typical PPI release since 2021. Its volume ratio was 3.00x, 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 came out 6 days before the Federal Reserve's 18 September rate decision. Its own ratio of 2.54x compares with 2.18x 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 ordinary reaction to the August Producer Price Index. The price stood at $58,103.66 at the moment of release and fell 0.52 percent within fifteen minutes and 0.59 percent within the hour. Its high-to-low range reached 0.98 percent of spot in the first sixty minutes, compared with 0.3 percent in the preceding hour. The volatility ratio of 2.54x and volume ratio of 3.00x both sat close to the long-run medians of 2.08x and 2.30x for PPI releases since 2021.
The print arrived together with the core PPI, initial claims and continued claims, so the measured response reflects the combined information set. It also landed six days before the Federal Reserve decision scheduled for 18 September. Releases in the two-week window ahead of a policy meeting have produced a median volatility ratio of 2.18x since 2021, only marginally above the 2.05x median recorded at other times.
Across the full sample of seventy PPI releases the median volatility ratio stands at 2.08x. The present outcome therefore aligned with the central tendency of the record rather than marking an outlier.
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
57,621.10Close
58,086.0124h Change
464.91 (0.80%)24h High
58,588.0024h Low
57,345.2324h Volume
30,673 BTCUS Producer Price Index
Bureau of Labor Statistics
12th September, 2024, 8:30AM Timezone: America/New York
Chart Data from Binance
Observations
| Time | Open | High | Low | Close | Change | Amplitude | Volume |
|---|---|---|---|---|---|---|---|
| 1 Minute | |||||||
| Before | 58061.38 | 58103.66 | 58058.01 | 58103.66 | 0.07% | 0.08% | 18 BTC |
| During | 58103.66 | 58149.99 | 57981.10 | 57995.60 | -0.19% | 0.29% | 88 BTC |
| 5 Minutes | |||||||
| Before | 58067.96 | 58103.66 | 58055.14 | 58103.66 | 0.06% | 0.08% | 85 BTC |
| During | 58103.66 | 58149.99 | 57861.10 | 57924.01 | -0.31% | 0.50% | 212 BTC |
| 10 Minutes | |||||||
| Before | 58112.01 | 58112.01 | 58052.00 | 58103.66 | -0.01% | 0.10% | 139 BTC |
| During | 58103.66 | 58149.99 | 57722.87 | 57755.29 | -0.60% | 0.73% | 479 BTC |
| 15 Minutes | |||||||
| Before | 58083.99 | 58138.00 | 58052.00 | 58103.66 | 0.03% | 0.15% | 211 BTC |
| During | 58103.66 | 58149.99 | 57722.87 | 57799.97 | -0.53% | 0.73% | 690 BTC |
| 30 Minutes | |||||||
| Before | 58058.00 | 58162.11 | 58052.00 | 58103.66 | 0.08% | 0.19% | 458 BTC |
| During | 58103.66 | 58149.99 | 57583.29 | 57691.56 | -0.71% | 0.97% | 1,387 BTC |
| 1 Hour | |||||||
| Before | 58091.10 | 58162.11 | 57987.59 | 58103.66 | 0.02% | 0.30% | 869 BTC |
| During | 58103.66 | 58149.99 | 57583.29 | 57760.00 | -0.59% | 0.97% | 2,069 BTC |
| 2 Hours | |||||||
| Before | 58036.00 | 58162.11 | 57894.00 | 58103.66 | 0.12% | 0.46% | 1,982 BTC |
| During | 58103.66 | 58262.86 | 57345.23 | 58252.00 | 0.25% | 1.57% | 4,981 BTC |
| 4 Hours | |||||||
| Before | 58311.10 | 58350.00 | 57894.00 | 58103.66 | -0.36% | 0.78% | 3,299 BTC |
| During | 58103.66 | 58588.00 | 57345.23 | 57807.61 | -0.51% | 2.12% | 9,206 BTC |
| 6 Hours | |||||||
| Before | 57920.72 | 58350.00 | 57836.60 | 58103.66 | 0.31% | 0.88% | 4,825 BTC |
| During | 58103.66 | 58588.00 | 57345.23 | 58387.99 | 0.49% | 2.12% | 11,226 BTC |
| 8 Hours | |||||||
| Before | 57621.10 | 58470.01 | 57586.01 | 58311.09 | 1.18% | 1.51% | 8,692 BTC |
| During | 58311.10 | 58588.00 | 57345.23 | 57807.61 | -0.87% | 2.12% | 12,505 BTC |
| 12 Hours | |||||||
| Before | 57621.10 | 58470.01 | 57586.01 | 58103.66 | 0.83% | 1.51% | 11,992 BTC |
| During | 58103.66 | 58588.00 | 57345.23 | 58086.01 | -0.03% | 2.12% | 18,681 BTC |
