BTC Volatility Analysis for PPI, 12th September 2024

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

57,621.10

Close

58,086.01

24h Change

464.91 (0.80%)

24h High

58,588.00

24h Low

57,345.23

24h Volume

30,673 BTC

US 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
Before58061.3858103.6658058.0158103.660.07%0.08%18 BTC
During58103.6658149.9957981.1057995.60-0.19%0.29%88 BTC
 
5 Minutes
Before58067.9658103.6658055.1458103.660.06%0.08%85 BTC
During58103.6658149.9957861.1057924.01-0.31%0.50%212 BTC
 
10 Minutes
Before58112.0158112.0158052.0058103.66-0.01%0.10%139 BTC
During58103.6658149.9957722.8757755.29-0.60%0.73%479 BTC
 
15 Minutes
Before58083.9958138.0058052.0058103.660.03%0.15%211 BTC
During58103.6658149.9957722.8757799.97-0.53%0.73%690 BTC
 
30 Minutes
Before58058.0058162.1158052.0058103.660.08%0.19%458 BTC
During58103.6658149.9957583.2957691.56-0.71%0.97%1,387 BTC
 
1 Hour
Before58091.1058162.1157987.5958103.660.02%0.30%869 BTC
During58103.6658149.9957583.2957760.00-0.59%0.97%2,069 BTC
 
2 Hours
Before58036.0058162.1157894.0058103.660.12%0.46%1,982 BTC
During58103.6658262.8657345.2358252.000.25%1.57%4,981 BTC
 
4 Hours
Before58311.1058350.0057894.0058103.66-0.36%0.78%3,299 BTC
During58103.6658588.0057345.2357807.61-0.51%2.12%9,206 BTC
 
6 Hours
Before57920.7258350.0057836.6058103.660.31%0.88%4,825 BTC
During58103.6658588.0057345.2358387.990.49%2.12%11,226 BTC
 
8 Hours
Before57621.1058470.0157586.0158311.091.18%1.51%8,692 BTC
During58311.1058588.0057345.2357807.61-0.87%2.12%12,505 BTC
 
12 Hours
Before57621.1058470.0157586.0158103.660.83%1.51%11,992 BTC
During58103.6658588.0057345.2358086.01-0.03%2.12%18,681 BTC

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