Data Analysis
The release
Released by the Bureau of Labor Statistics on 14 November 2024 at 8:30 AM EST. The Producer Price Index came in at 0.3% for October 2024, against 0.3% in September 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.
Measured by Clometrix
Bitcoin's volatility ratio was 1.30x, against 2.08x for a typical PPI release since 2021. Its volume ratio was 1.43x, 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 $90,927.15 when the figure came out. Fifteen minutes later it was unchanged, and an hour later 0.39% higher. Its high-to-low range in the hour after was 0.83% of its price, against 0.52% 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 was not within two weeks of a Fed decision. Its own ratio of 1.30x compares with 2.05x for those, so it moved the price less than its circumstances would suggest.
What it means
Volume rose only 1.43x, well below the 2.30x typical level, confirming that the market barely registered the print. The release arrived together with Core PPI and both initial and continued jobless claims, yet the combined data still produced no material move.
Price action and timing
Bitcoin sat at $90,927.15 at the 8:30 AM release. Fifteen minutes later the price was unchanged, and one hour later it had risen just 0.39 percent. The hourly high-low range widened only to 0.83 percent from 0.52 percent beforehand. This outcome occurred 33 days before the December FOMC decision, outside the two-week window in which PPI has historically produced a median volatility ratio of 2.18x.
The volatility ratio of 1.30x therefore fell short of the 2.05x median observed for PPI releases at comparable distances from policy meetings. Traders watching the next PPI print may note that even when the figure matches the prior month exactly, the market can remain largely unmoved when the release sits well clear of a Federal Reserve decision.
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
89,700.00Close
87,631.5824h Change
-2068.42 (-2.36%)24h High
91,790.0024h Low
86,668.2124h Volume
56,699 BTCUS Producer Price Index
Bureau of Labor Statistics
14th November, 2024, 8:30AM Timezone: America/New York
Chart Data from Binance
Observations
| Time | Open | High | Low | Close | Change | Amplitude | Volume |
|---|---|---|---|---|---|---|---|
| 1 Minute | |||||||
| Before | 90970.69 | 91000.00 | 90920.57 | 90927.15 | -0.05% | 0.09% | 41 BTC |
| During | 90927.15 | 91060.00 | 90823.90 | 91060.00 | 0.15% | 0.26% | 58 BTC |
| 5 Minutes | |||||||
| Before | 90970.00 | 91007.04 | 90920.57 | 90927.15 | -0.05% | 0.10% | 85 BTC |
| During | 90927.15 | 91121.22 | 90688.00 | 90796.39 | -0.14% | 0.48% | 226 BTC |
| 10 Minutes | |||||||
| Before | 90935.80 | 91047.47 | 90909.09 | 90927.15 | -0.01% | 0.15% | 237 BTC |
| During | 90927.15 | 91121.22 | 90559.65 | 90752.01 | -0.19% | 0.62% | 455 BTC |
| 15 Minutes | |||||||
| Before | 91200.00 | 91200.01 | 90909.09 | 90927.15 | -0.30% | 0.32% | 443 BTC |
| During | 90927.15 | 91212.64 | 90559.65 | 90947.75 | 0.02% | 0.72% | 678 BTC |
| 30 Minutes | |||||||
| Before | 91243.17 | 91380.00 | 90909.09 | 90927.15 | -0.35% | 0.52% | 916 BTC |
| During | 90927.15 | 91212.64 | 90559.65 | 90754.42 | -0.19% | 0.72% | 1,122 BTC |
| 1 Hour | |||||||
| Before | 91262.89 | 91380.00 | 90909.09 | 90927.15 | -0.37% | 0.52% | 1,540 BTC |
| During | 90927.15 | 91309.79 | 90554.52 | 91283.51 | 0.39% | 0.83% | 2,110 BTC |
| 2 Hours | |||||||
| Before | 91206.01 | 91657.77 | 90736.00 | 90927.15 | -0.31% | 1.01% | 3,519 BTC |
| During | 90927.15 | 91790.00 | 88234.19 | 89166.51 | -1.97% | 3.87% | 9,413 BTC |
| 4 Hours | |||||||
| Before | 90655.98 | 91657.77 | 90368.00 | 90927.15 | 0.30% | 1.41% | 7,289 BTC |
| During | 90927.15 | 91790.00 | 87526.74 | 88598.60 | -2.63% | 4.64% | 17,374 BTC |
| 6 Hours | |||||||
| Before | 89767.98 | 91657.77 | 89607.59 | 90927.15 | 1.27% | 2.24% | 11,796 BTC |
| During | 90927.15 | 91790.00 | 87526.74 | 89525.57 | -1.57% | 4.64% | 20,515 BTC |
| 8 Hours | |||||||
| Before | 89700.00 | 91438.41 | 89104.54 | 90655.99 | 1.05% | 2.55% | 13,711 BTC |
| During | 90655.98 | 91790.00 | 87526.74 | 88598.60 | -2.32% | 4.64% | 24,663 BTC |
| 12 Hours | |||||||
| Before | 89700.00 | 91657.77 | 89104.54 | 90927.15 | 1.35% | 2.79% | 21,000 BTC |
| During | 90927.15 | 91790.00 | 86668.21 | 87631.58 | -3.76% | 5.58% | 35,699 BTC |
