Data Analysis
The release
Released by the Bureau of Labor Statistics on 16 February 2024 at 8:30 AM EST. The Producer Price Index came in at 0.4% for January 2024, against 0.0% in December 2023. Producer prices are rising again, after a fall.
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 $52,341.09 when the figure came out. Fifteen minutes later it was 0.11% lower, and an hour later 0.32% lower. Its high-to-low range in the hour after was 1.21% of its price, against 0.46% in the hour before.
Measured by Clometrix
Bitcoin's volatility ratio was 1.62x, against 2.08x for a typical PPI release since 2021. Its volume ratio was 1.94x, 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 1.62x compares with 2.05x for those, so it moved the price less than its circumstances would suggest.
Its record
Across 70 PPI releases since 2021, Bitcoin's median volatility ratio is 2.08x.
What it means
Bitcoin declined 0.11% in the fifteen minutes after the January PPI print and 0.32% within the hour. The hourly high-to-low range reached 1.21% of spot, up from 0.46% in the prior hour. Clometrix measured a volatility ratio of 1.62x against the 2.08x median recorded across seventy prior PPI releases since 2021. Volume expanded 1.94x, also below the 2.30x typical reading.
Ordinary Reaction Relative to Record
Clometrix classifies the move as ordinary for this event. The release arrived thirty-two days before the March Federal Open Market Committee decision, outside the two-week pre-meeting window that has produced a 2.18x median volatility ratio. Against the 2.05x median for non-proximate releases, the 1.62x outcome sits below what the timing alone would suggest. The record supplies no basis for expecting larger or smaller reactions from the same distance to policy meetings.
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
52,041.76Close
51,930.0024h Change
-111.76 (-0.22%)24h High
52,572.0824h Low
51,566.0024h Volume
36,740 BTCUS Producer Price Index
Bureau of Labor Statistics
16th February, 2024, 8:30AM Timezone: America/New York
Chart Data from Binance
Observations
| Time | Open | High | Low | Close | Change | Amplitude | Volume |
|---|---|---|---|---|---|---|---|
| 1 Minute | |||||||
| Before | 52321.48 | 52341.10 | 52317.66 | 52341.10 | 0.04% | 0.04% | 19 BTC |
| During | 52341.09 | 52341.10 | 52212.50 | 52229.93 | -0.21% | 0.25% | 63 BTC |
| 5 Minutes | |||||||
| Before | 52360.00 | 52361.10 | 52282.00 | 52341.10 | -0.04% | 0.15% | 115 BTC |
| During | 52341.09 | 52341.10 | 52130.16 | 52181.08 | -0.31% | 0.40% | 282 BTC |
| 10 Minutes | |||||||
| Before | 52322.92 | 52361.10 | 52281.10 | 52341.10 | 0.03% | 0.15% | 263 BTC |
| During | 52341.09 | 52341.10 | 52130.16 | 52206.00 | -0.26% | 0.40% | 423 BTC |
| 15 Minutes | |||||||
| Before | 52374.21 | 52449.99 | 52281.10 | 52341.10 | -0.06% | 0.32% | 407 BTC |
| During | 52341.09 | 52349.89 | 52130.16 | 52285.14 | -0.11% | 0.42% | 563 BTC |
| 30 Minutes | |||||||
| Before | 52383.45 | 52450.00 | 52281.10 | 52341.10 | -0.08% | 0.32% | 895 BTC |
| During | 52341.09 | 52494.00 | 52130.16 | 52464.00 | 0.23% | 0.69% | 1,172 BTC |
| 1 Hour | |||||||
| Before | 52209.92 | 52450.00 | 52209.92 | 52341.10 | 0.25% | 0.46% | 1,681 BTC |
| During | 52341.09 | 52572.08 | 51940.00 | 52172.26 | -0.32% | 1.20% | 2,708 BTC |
| 2 Hours | |||||||
| Before | 52270.12 | 52450.00 | 52103.21 | 52341.10 | 0.14% | 0.66% | 3,512 BTC |
| During | 52341.09 | 52572.08 | 51592.88 | 51828.76 | -0.99% | 1.86% | 7,068 BTC |
| 4 Hours | |||||||
| Before | 51777.38 | 52450.00 | 51760.58 | 52341.10 | 1.08% | 1.31% | 8,056 BTC |
| During | 52341.09 | 52572.08 | 51592.88 | 51974.45 | -0.71% | 1.86% | 10,609 BTC |
| 6 Hours | |||||||
| Before | 51944.42 | 52450.00 | 51566.00 | 52341.10 | 0.76% | 1.69% | 12,814 BTC |
| During | 52341.09 | 52572.08 | 51592.88 | 51893.09 | -0.86% | 1.86% | 12,314 BTC |
| 8 Hours | |||||||
| Before | 52041.76 | 52343.28 | 51566.00 | 51777.38 | -0.51% | 1.48% | 11,975 BTC |
| During | 51777.38 | 52572.08 | 51592.88 | 51974.45 | 0.38% | 1.86% | 18,665 BTC |
| 12 Hours | |||||||
| Before | 52041.76 | 52450.00 | 51566.00 | 52341.10 | 0.57% | 1.69% | 20,030 BTC |
| During | 52341.09 | 52572.08 | 51592.88 | 51930.00 | -0.79% | 1.86% | 16,709 BTC |
