Data Analysis
The release
Released by the Bureau of Labor Statistics on 15 February 2022 at 8:30 AM EST. The Producer Price Index came in at 1.0% for January 2022, against 0.6% in December 2021. 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 $44,159.38 when the figure came out. Fifteen minutes later it was 0.07% higher, and an hour later 0.21% higher. Its high-to-low range in the hour after was 0.95% of its price, against 0.45% in the hour before.
Measured by Clometrix
Bitcoin's volatility ratio was 1.86x, against 2.08x for a typical PPI release since 2021. Its volume ratio was 1.83x, 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 1.86x 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 January 2022 PPI release. The volatility ratio reached 1.86x against the 2.08x median recorded across 70 PPI events since 2021. The price stood at $44,159.38 at the 8:30 AM EST print, advancing 0.07 percent in the first fifteen minutes and 0.21 percent after one hour. Its high-to-low range widened to 0.95 percent of spot in the post-release hour from 0.45 percent in the prior hour.
The release fell outside the two-week window preceding a Federal Reserve decision. PPI prints in that window have produced a median volatility ratio of 2.18x across 29 observations, while those farther away show 2.05x across 41 observations. Bitcoin’s realized ratio of 1.86x therefore sat close to the level its timing would indicate.
Volume expanded by a factor of 1.83x against the 2.30x typical for PPI releases. The combined PPI and Core PPI figures arrived together, so the measured response reflects both prints.
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
42,745.69Close
44,153.9524h Change
1408.26 (3.19%)24h High
44,751.4024h Low
42,745.6924h Volume
38,486 BTCUS Producer Price Index
Bureau of Labor Statistics
15th February, 2022, 8:30AM Timezone: America/New York
Chart Data from Binance
Observations
| Time | Open | High | Low | Close | Change | Amplitude | Volume |
|---|---|---|---|---|---|---|---|
| 1 Minute | |||||||
| Before | 44158.62 | 44160.19 | 44136.38 | 44159.38 | 0.00% | 0.05% | 16 BTC |
| During | 44159.38 | 44159.39 | 44024.03 | 44117.82 | -0.09% | 0.31% | 161 BTC |
| 5 Minutes | |||||||
| Before | 44152.61 | 44162.35 | 44105.85 | 44159.38 | 0.02% | 0.13% | 108 BTC |
| During | 44159.38 | 44277.76 | 44024.03 | 44146.71 | -0.03% | 0.57% | 367 BTC |
| 10 Minutes | |||||||
| Before | 44253.01 | 44253.01 | 44105.85 | 44159.38 | -0.21% | 0.33% | 240 BTC |
| During | 44159.38 | 44277.76 | 44024.03 | 44104.99 | -0.12% | 0.57% | 485 BTC |
| 15 Minutes | |||||||
| Before | 44277.72 | 44305.66 | 44105.85 | 44159.38 | -0.27% | 0.45% | 341 BTC |
| During | 44159.38 | 44277.76 | 44024.03 | 44191.35 | 0.07% | 0.57% | 612 BTC |
| 30 Minutes | |||||||
| Before | 44182.60 | 44305.66 | 44105.85 | 44159.38 | -0.05% | 0.45% | 599 BTC |
| During | 44159.38 | 44297.45 | 44024.03 | 44240.69 | 0.18% | 0.62% | 983 BTC |
| 1 Hour | |||||||
| Before | 44245.12 | 44305.66 | 44105.85 | 44159.38 | -0.19% | 0.45% | 1,270 BTC |
| During | 44159.38 | 44444.16 | 44024.03 | 44253.38 | 0.21% | 0.95% | 2,074 BTC |
| 2 Hours | |||||||
| Before | 44139.38 | 44425.85 | 44105.85 | 44159.38 | 0.05% | 0.72% | 2,840 BTC |
| During | 44159.38 | 44500.00 | 44024.03 | 44229.58 | 0.16% | 1.07% | 4,451 BTC |
| 4 Hours | |||||||
| Before | 43869.43 | 44425.85 | 43857.10 | 44159.38 | 0.66% | 1.28% | 6,457 BTC |
| During | 44159.38 | 44500.00 | 43846.07 | 43873.01 | -0.65% | 1.47% | 7,571 BTC |
| 6 Hours | |||||||
| Before | 43617.01 | 44425.85 | 43550.44 | 44159.38 | 1.23% | 1.97% | 12,061 BTC |
| During | 44159.38 | 44500.00 | 43846.07 | 44056.00 | -0.23% | 1.47% | 9,677 BTC |
| 8 Hours | |||||||
| Before | 42745.69 | 44198.99 | 42745.69 | 43869.42 | 2.56% | 3.29% | 15,205 BTC |
| During | 43869.43 | 44500.00 | 43846.07 | 43873.01 | 0.01% | 1.47% | 14,028 BTC |
| 12 Hours | |||||||
| Before | 42745.69 | 44425.85 | 42745.69 | 44159.38 | 3.20% | 3.78% | 21,661 BTC |
| During | 44159.38 | 44751.40 | 43846.07 | 44153.95 | -0.01% | 2.02% | 16,825 BTC |
