Data Analysis
The release
Released by the Bureau of Labor Statistics on 14 July 2022 at 8:30 AM EDT. The Producer Price Index came in at 0.9% for June 2022, against 0.9% in May 2022. Producer prices are still rising, but more slowly 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.
How Bitcoin moved
Bitcoin was at $19,730.15 when the figure came out. Fifteen minutes later it was 0.34% higher, and an hour later 0.06% lower. Its high-to-low range in the hour after was 1.33% of its price, against 0.95% in the hour before.
Measured by Clometrix
Bitcoin's volatility ratio was 2.57x, against 2.08x for a typical PPI release since 2021. Its volume ratio was 2.56x, 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 13 days before the Federal Reserve's 27 July rate decision. Its own ratio of 2.57x compares with 2.18x for those, so it moved the price more than its circumstances alone 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 2022 PPI release. Its volatility ratio reached 2.57x in the quarter hour after the print, compared with the 2.08x median across 70 PPI events since 2021. Volume rose to 2.56x against the typical 2.30x. The price advanced 0.34 percent in the first fifteen minutes from the $19,730.15 level and closed the hour 0.06 percent lower, with a high-to-low range of 1.33 percent.
The release coincided with the core PPI figure, initial jobless claims and continued claims, so the observed move captures their joint effect. It arrived thirteen days before the Federal Reserve's July policy meeting. PPI prints in that window have shown a median volatility ratio of 2.18x since 2021, yet this instance exceeded the benchmark.
Traders examining the record will see that even a routine PPI outcome still lifts activity above baseline levels. The episode supplies no basis for expecting the next release to behave identically, only that the event's typical footprint stays modest relative to other macro announcements.
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
20,173.65Close
20,457.4424h Change
283.79 (1.39%)24h High
20,900.0024h Low
19,616.0724h Volume
172,919 BTCUS Producer Price Index
Bureau of Labor Statistics
14th July, 2022, 8:30AM Timezone: America/New York
Chart Data from Binance
Observations
| Time | Open | High | Low | Close | Change | Amplitude | Volume |
|---|---|---|---|---|---|---|---|
| 1 Minute | |||||||
| Before | 19726.94 | 19732.00 | 19708.21 | 19730.15 | 0.02% | 0.12% | 70 BTC |
| During | 19730.15 | 19752.39 | 19616.07 | 19699.83 | -0.15% | 0.69% | 839 BTC |
| 5 Minutes | |||||||
| Before | 19750.56 | 19754.57 | 19700.12 | 19730.15 | -0.10% | 0.28% | 586 BTC |
| During | 19730.15 | 19820.00 | 19616.07 | 19808.28 | 0.39% | 1.03% | 2,253 BTC |
| 10 Minutes | |||||||
| Before | 19756.73 | 19797.16 | 19700.12 | 19730.15 | -0.13% | 0.49% | 1,227 BTC |
| During | 19730.15 | 19878.92 | 19616.07 | 19829.61 | 0.50% | 1.32% | 3,223 BTC |
| 15 Minutes | |||||||
| Before | 19775.27 | 19823.27 | 19700.12 | 19730.15 | -0.23% | 0.62% | 1,880 BTC |
| During | 19730.15 | 19878.92 | 19616.07 | 19798.07 | 0.34% | 1.32% | 3,795 BTC |
| 30 Minutes | |||||||
| Before | 19738.13 | 19823.27 | 19688.46 | 19730.15 | -0.04% | 0.68% | 3,712 BTC |
| During | 19730.15 | 19878.92 | 19616.07 | 19783.60 | 0.27% | 1.32% | 4,930 BTC |
| 1 Hour | |||||||
| Before | 19703.29 | 19823.27 | 19635.22 | 19730.15 | 0.14% | 0.95% | 7,323 BTC |
| During | 19730.15 | 19878.92 | 19616.07 | 19717.42 | -0.06% | 1.32% | 7,532 BTC |
| 2 Hours | |||||||
| Before | 19799.96 | 19852.41 | 19635.22 | 19730.15 | -0.35% | 1.09% | 13,536 BTC |
| During | 19730.15 | 19878.92 | 19616.07 | 19744.18 | 0.07% | 1.32% | 16,143 BTC |
| 4 Hours | |||||||
| Before | 19968.71 | 19988.81 | 19635.22 | 19730.15 | -1.21% | 1.77% | 29,792 BTC |
| During | 19730.15 | 20485.92 | 19616.07 | 20255.68 | 2.59% | 4.25% | 44,539 BTC |
| 6 Hours | |||||||
| Before | 20001.73 | 20064.88 | 19635.22 | 19730.15 | -1.38% | 2.14% | 42,233 BTC |
| During | 19730.15 | 20789.46 | 19616.07 | 20695.12 | 4.66% | 5.64% | 66,833 BTC |
| 8 Hours | |||||||
| Before | 20173.65 | 20435.72 | 19894.76 | 19968.72 | -1.03% | 2.65% | 48,105 BTC |
| During | 19968.71 | 20485.92 | 19616.07 | 20255.68 | 1.42% | 4.25% | 74,331 BTC |
| 12 Hours | |||||||
| Before | 20173.65 | 20435.72 | 19635.22 | 19730.15 | -2.25% | 3.92% | 77,897 BTC |
| During | 19730.15 | 20900.00 | 19616.07 | 20457.44 | 3.56% | 6.14% | 95,023 BTC |
