Data Analysis
The release
Released by the Bureau of Labor Statistics on 12 August 2021 at 8:30 AM EDT. The Producer Price Index came in at 1.0% for July 2021, against 0.7% in June 2021. 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 1.33x, against 2.08x for a typical PPI release since 2021. Its volume ratio was 2.25x, 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 $44,449.99 when the figure came out. Fifteen minutes later it was unchanged, and an hour later 0.58% higher. Its high-to-low range in the hour after was 1.1% of its price, against 2.12% 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 1.33x compares with 2.05x for those, so it moved the price less than its circumstances would suggest.
What it means
Bitcoin registered a quiet reaction to the July 2021 PPI release and the three other figures that arrived at the same moment. Its volatility ratio reached only 1.33x against the 2.08x median recorded across PPI prints since 2021. Volume rose 2.25x, almost identical to the 2.30x typical level. The price stood at $44,449.99 at the 8:30 AM print, remained unchanged fifteen minutes later and rose just 0.58 percent after one hour. The high-to-low range in that hour was 1.1 percent, narrower than the 2.12 percent range seen in the hour before the release.
The limited movement occurred outside the two-week window ahead of a Federal Reserve decision. This release fell 40 days before the September 2021 FOMC meeting. Across the 41 PPI prints since 2021 that also occurred away from upcoming decisions, the median volatility ratio has been 2.05x. The 1.33x reading therefore sat below the level observed under similar timing circumstances.
Traders reviewing the record for this event type will note that even when multiple labor-market and price figures land together, the price response can remain subdued. The data for 2021 show a median volatility ratio of 1.11x across the twelve PPI releases that year. That pattern indicates the market occasionally absorbs a cluster of releases with little immediate change in Bitcoin's trading range.
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
45,736.99Close
44,450.0024h Change
-1286.99 (-2.90%)24h High
46,218.1224h Low
43,770.0024h Volume
55,345 BTCUS Producer Price Index
Bureau of Labor Statistics
12th August, 2021, 8:30AM Timezone: America/New York
Chart Data from Binance
Observations
| Time | Open | High | Low | Close | Change | Amplitude | Volume |
|---|---|---|---|---|---|---|---|
| 1 Minute | |||||||
| Before | 44344.44 | 44469.39 | 44334.78 | 44449.99 | 0.24% | 0.30% | 121 BTC |
| During | 44449.99 | 44450.00 | 44255.99 | 44367.47 | -0.19% | 0.44% | 210 BTC |
| 5 Minutes | |||||||
| Before | 44700.00 | 44739.26 | 44320.61 | 44449.99 | -0.56% | 0.94% | 1,084 BTC |
| During | 44449.99 | 44515.41 | 44255.99 | 44476.83 | 0.06% | 0.58% | 501 BTC |
| 10 Minutes | |||||||
| Before | 44788.30 | 44856.35 | 44320.61 | 44449.99 | -0.76% | 1.19% | 1,411 BTC |
| During | 44449.99 | 44537.03 | 44255.99 | 44433.53 | -0.04% | 0.63% | 789 BTC |
| 15 Minutes | |||||||
| Before | 44812.77 | 44864.08 | 44320.61 | 44449.99 | -0.82% | 1.21% | 1,582 BTC |
| During | 44449.99 | 44537.03 | 44255.99 | 44454.23 | 0.01% | 0.63% | 993 BTC |
| 30 Minutes | |||||||
| Before | 44752.56 | 44968.29 | 44320.61 | 44449.99 | -0.68% | 1.44% | 2,418 BTC |
| During | 44449.99 | 44687.22 | 44255.99 | 44602.55 | 0.34% | 0.96% | 1,624 BTC |
| 1 Hour | |||||||
| Before | 45263.88 | 45263.89 | 44320.61 | 44449.99 | -1.83% | 2.08% | 4,982 BTC |
| During | 44449.99 | 44742.76 | 44255.99 | 44709.59 | 0.58% | 1.09% | 2,587 BTC |
| 2 Hours | |||||||
| Before | 45451.71 | 45470.13 | 44320.61 | 44449.99 | -2.25% | 2.53% | 6,444 BTC |
| During | 44449.99 | 44742.76 | 44105.01 | 44178.08 | -0.62% | 1.43% | 5,358 BTC |
| 4 Hours | |||||||
| Before | 45325.15 | 45662.74 | 44320.61 | 44449.99 | -1.97% | 2.94% | 10,740 BTC |
| During | 44449.99 | 44742.76 | 43888.00 | 43889.72 | -1.28% | 1.91% | 12,003 BTC |
| 6 Hours | |||||||
| Before | 45084.04 | 45662.74 | 44320.61 | 44449.99 | -1.43% | 2.94% | 15,703 BTC |
| During | 44449.99 | 44742.76 | 43770.00 | 44278.17 | -0.39% | 2.17% | 16,192 BTC |
| 8 Hours | |||||||
| Before | 45736.99 | 46218.12 | 44833.40 | 45325.14 | -0.91% | 3.00% | 18,786 BTC |
| During | 45325.15 | 45662.74 | 43888.00 | 43889.72 | -3.27% | 3.89% | 22,743 BTC |
| 12 Hours | |||||||
| Before | 45736.99 | 46218.12 | 44320.61 | 44449.99 | -2.90% | 4.11% | 29,525 BTC |
| During | 44449.99 | 44742.76 | 43770.00 | 44450.00 | 0.00% | 2.17% | 25,820 BTC |
