Data Analysis
The release
Released by the Bureau of Labor Statistics on 14 June 2022 at 8:30 AM EDT. The Producer Price Index came in at 0.9% for May 2022, against 0.5% in April 2022. Producer prices are rising faster than before.
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 $21,814.29 when the figure came out. Fifteen minutes later it was 2.02% higher, and an hour later 3.29% higher. Its high-to-low range in the hour after was 3.48% of its price, against 2.05% in the hour before.
Measured by Clometrix
Bitcoin's volatility ratio was 2.37x, against 2.08x for a typical PPI release since 2021. Its volume ratio was 1.82x, 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 the day before the Federal Reserve's 15 June rate decision. Its own ratio of 2.37x compares with 2.18x for those, about what its circumstances 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 May 2022 PPI release. Its volatility ratio of 2.37x stood only slightly above the 2.08x median observed across the 70 prior PPI prints since 2021, while the volume ratio of 1.82x fell short of the 2.30x typical level. The move therefore stayed within the range that has characterised this event for the asset.
The print landed the day before the Federal Reserve's June rate decision. Releases in the two weeks ahead of policy meetings have produced a median volatility ratio of 2.18x, virtually the same as the 2.05x median recorded at other times. This instance's 2.37x outcome tracked that pre-decision benchmark closely.
Traders can take from the record that timing relative to a Fed meeting has not changed Bitcoin's response magnitude to PPI since 2021. The joint arrival with Core PPI on this date likewise produced no measurable departure from the event's established behaviour.
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
22,313.50Close
21,981.6924h Change
-331.81 (-1.51%)24h High
23,362.8824h Low
20,846.0024h Volume
182,905 BTCUS Producer Price Index
Bureau of Labor Statistics
14th June, 2022, 8:30AM Timezone: America/New York
Chart Data from Binance
Observations
| Time | Open | High | Low | Close | Change | Amplitude | Volume |
|---|---|---|---|---|---|---|---|
| 1 Minute | |||||||
| Before | 21817.57 | 21842.46 | 21811.01 | 21814.29 | -0.02% | 0.14% | 55 BTC |
| During | 21814.29 | 21900.00 | 21814.29 | 21875.46 | 0.28% | 0.39% | 184 BTC |
| 5 Minutes | |||||||
| Before | 21921.10 | 21921.10 | 21811.01 | 21814.29 | -0.49% | 0.50% | 424 BTC |
| During | 21814.29 | 22150.23 | 21814.29 | 22124.97 | 1.40% | 1.52% | 975 BTC |
| 10 Minutes | |||||||
| Before | 21892.60 | 21957.01 | 21811.01 | 21814.29 | -0.36% | 0.66% | 766 BTC |
| During | 21814.29 | 22312.02 | 21814.29 | 22185.65 | 1.67% | 2.23% | 1,694 BTC |
| 15 Minutes | |||||||
| Before | 21950.00 | 21976.34 | 21811.01 | 21814.29 | -0.62% | 0.75% | 1,086 BTC |
| During | 21814.29 | 22455.91 | 21814.29 | 22255.02 | 1.98% | 2.86% | 2,742 BTC |
| 30 Minutes | |||||||
| Before | 21994.56 | 22172.93 | 21811.01 | 21814.29 | -0.83% | 1.63% | 2,592 BTC |
| During | 21814.29 | 22455.91 | 21814.29 | 22150.85 | 1.52% | 2.86% | 4,197 BTC |
| 1 Hour | |||||||
| Before | 21978.91 | 22172.93 | 21725.22 | 21814.29 | -0.75% | 2.02% | 6,316 BTC |
| During | 21814.29 | 22573.83 | 21814.29 | 22531.34 | 3.18% | 3.36% | 7,351 BTC |
| 2 Hours | |||||||
| Before | 22503.22 | 22648.13 | 21725.22 | 21814.29 | -3.16% | 4.07% | 12,136 BTC |
| During | 21814.29 | 22591.78 | 21814.29 | 22125.31 | 1.41% | 3.44% | 15,732 BTC |
| 4 Hours | |||||||
| Before | 22804.47 | 22979.96 | 21725.22 | 21814.29 | -4.54% | 5.46% | 21,812 BTC |
| During | 21814.29 | 22800.00 | 21814.29 | 22679.74 | 3.82% | 4.32% | 28,467 BTC |
| 6 Hours | |||||||
| Before | 22510.04 | 23041.27 | 21725.22 | 21814.29 | -3.19% | 5.71% | 37,999 BTC |
| During | 21814.29 | 22800.00 | 21814.29 | 22446.39 | 2.82% | 4.32% | 34,079 BTC |
| 8 Hours | |||||||
| Before | 22313.50 | 23362.88 | 20846.00 | 22804.48 | 2.15% | 10.77% | 104,829 BTC |
| During | 22804.47 | 22979.96 | 21725.22 | 22679.74 | -0.55% | 5.46% | 50,279 BTC |
| 12 Hours | |||||||
| Before | 22313.50 | 23362.88 | 20846.00 | 21814.29 | -2.29% | 10.77% | 126,641 BTC |
| During | 21814.29 | 22800.00 | 21358.00 | 21981.69 | 0.76% | 6.32% | 56,264 BTC |
