Data Analysis
The release
Released by the Bureau of Labor Statistics on 13 August 2024 at 8:30 AM EDT. The Producer Price Index came in at 0.0% for July 2024, against 0.4% in June 2024. Producer prices are still rising, but more slowly 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 $58,851.77 when the figure came out. Fifteen minutes later it was unchanged, and an hour later 0.15% higher. Its high-to-low range in the hour after was 0.88% of its price, against 0.51% in the hour before.
Measured by Clometrix
Bitcoin's volatility ratio was 2.05x, against 2.08x for a typical PPI release since 2021. Its volume ratio was 3.04x, 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 2.05x compares with 2.05x 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 July PPI release, posting a volatility ratio of 2.05x that sat just below the 2.08x median recorded across 70 PPI prints since 2021. The move arrived alongside Core PPI and produced an hourly range of 0.88 percent after the 8:30 AM print, only modestly wider than the 0.51 percent seen beforehand. Volume lifted to 3.04x its baseline, exceeding the typical 2.30x expansion for the event.
The release fell 35 days before the September FOMC decision and therefore outside the two-week window that has historically produced a median volatility ratio of 2.18x. Its own 2.05x outcome aligned closely with the 2.05x median observed for releases at other times.
Across the full series the median volatility ratio has remained stable at 2.08x irrespective of Fed-meeting proximity. A trader reviewing the next PPI release can therefore treat the measured reaction as consistent with the event's established record rather than an outlier driven by calendar placement.
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
59,654.51Close
60,615.0124h Change
960.50 (1.58%)24h High
61,578.1024h Low
58,392.8824h Volume
27,558 BTCUS Producer Price Index
Bureau of Labor Statistics
13th August, 2024, 8:30AM Timezone: America/New York
Chart Data from Binance
Observations
| Time | Open | High | Low | Close | Change | Amplitude | Volume |
|---|---|---|---|---|---|---|---|
| 1 Minute | |||||||
| Before | 58820.01 | 58871.54 | 58820.00 | 58851.76 | 0.05% | 0.09% | 38 BTC |
| During | 58851.77 | 59183.32 | 58850.41 | 59018.64 | 0.28% | 0.56% | 206 BTC |
| 5 Minutes | |||||||
| Before | 58793.27 | 58871.54 | 58788.64 | 58851.76 | 0.10% | 0.14% | 82 BTC |
| During | 58851.77 | 59183.32 | 58709.57 | 58956.00 | 0.18% | 0.80% | 397 BTC |
| 10 Minutes | |||||||
| Before | 58854.93 | 58887.59 | 58728.80 | 58851.76 | -0.01% | 0.27% | 161 BTC |
| During | 58851.77 | 59183.32 | 58709.57 | 59074.26 | 0.38% | 0.80% | 535 BTC |
| 15 Minutes | |||||||
| Before | 58914.66 | 58967.54 | 58728.80 | 58851.76 | -0.11% | 0.40% | 203 BTC |
| During | 58851.77 | 59183.32 | 58709.57 | 58879.98 | 0.05% | 0.80% | 650 BTC |
| 30 Minutes | |||||||
| Before | 58830.01 | 59000.00 | 58728.80 | 58851.76 | 0.04% | 0.46% | 491 BTC |
| During | 58851.77 | 59190.00 | 58709.57 | 59124.00 | 0.46% | 0.81% | 922 BTC |
| 1 Hour | |||||||
| Before | 58710.00 | 59000.00 | 58700.00 | 58851.76 | 0.24% | 0.51% | 726 BTC |
| During | 58851.77 | 59225.00 | 58709.57 | 58938.36 | 0.15% | 0.87% | 1,599 BTC |
| 2 Hours | |||||||
| Before | 58714.01 | 59000.00 | 58538.01 | 58851.76 | 0.23% | 0.78% | 1,346 BTC |
| During | 58851.77 | 59680.01 | 58709.57 | 59443.99 | 1.00% | 1.63% | 3,387 BTC |
| 4 Hours | |||||||
| Before | 59060.02 | 59136.17 | 58392.88 | 58851.76 | -0.35% | 1.26% | 3,452 BTC |
| During | 58851.77 | 60160.60 | 58709.57 | 59896.45 | 1.74% | 2.41% | 6,230 BTC |
| 6 Hours | |||||||
| Before | 59105.17 | 59476.00 | 58392.88 | 58851.76 | -0.43% | 1.82% | 5,201 BTC |
| During | 58851.77 | 61578.10 | 58709.57 | 60975.20 | 3.48% | 4.66% | 12,247 BTC |
| 8 Hours | |||||||
| Before | 59654.51 | 59923.28 | 58830.23 | 59060.01 | -1.01% | 1.82% | 6,764 BTC |
| During | 59060.02 | 60160.60 | 58392.88 | 59896.45 | 1.40% | 2.94% | 9,682 BTC |
| 12 Hours | |||||||
| Before | 59654.51 | 59923.28 | 58392.88 | 58851.76 | -1.36% | 2.55% | 10,216 BTC |
| During | 58851.77 | 61578.10 | 58709.57 | 60615.01 | 2.91% | 4.66% | 17,342 BTC |
