Data Analysis
The release
Released by the Bureau of Labor Statistics on 13 December 2023 at 8:30 AM EST. The Producer Price Index came in at 0.0% for November 2023, against -0.4% in October 2023. Producer prices are rising again, after a fall.
It arrived at the same moment as Core Producer Price Index, so the reaction measured on this page belongs to all of them together.
Measured by Clometrix
Bitcoin's volatility ratio was 0.85x, against 2.08x for a typical PPI release since 2021. Its volume ratio was 1.16x, 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 $41,371.10 when the figure came out. Fifteen minutes later it was 0.17% higher, and an hour later unchanged. Its high-to-low range in the hour after was 0.44% of its price, against 0.59% 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 came out on the day of the Federal Reserve's 13 December rate decision. Its own ratio of 0.85x compares with 2.18x for those, so it moved the price less than its circumstances would suggest.
What it means
Bitcoin showed almost no response to the November Producer Price Index release. Its volatility ratio reached only 0.85x in the quarter hour after the 8:30 AM print, well below the 2.08x median recorded across PPI releases since 2021. Volume rose just 1.16x against the usual 2.30x, confirming the market barely registered the data. The coin traded at $41,371.10 on the release, rose 0.17 percent in the first fifteen minutes, and sat unchanged an hour later. Its hourly range narrowed to 0.44 percent from 0.59 percent beforehand.
The muted outcome stands out because the figures arrived on the day of the Federal Reserve's December rate decision. Releases of this type in the two weeks before a policy meeting have historically produced a median volatility ratio of 2.18x. The 0.85x reading therefore fell short of what the timing alone would normally generate. Traders watching the next PPI release can note that even a same-day Fed decision does not guarantee movement when the data surprise is small.
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
41,004.80Close
42,782.0224h Change
1777.22 (4.15%)24h High
43,475.2024h Low
40,555.0024h Volume
45,934 BTCUS Producer Price Index
Bureau of Labor Statistics
13th December, 2023, 8:30AM Timezone: America/New York
Chart Data from Binance
Observations
| Time | Open | High | Low | Close | Change | Amplitude | Volume |
|---|---|---|---|---|---|---|---|
| 1 Minute | |||||||
| Before | 41360.65 | 41381.50 | 41360.64 | 41371.10 | 0.03% | 0.05% | 36 BTC |
| During | 41371.10 | 41438.71 | 41371.10 | 41420.01 | 0.12% | 0.16% | 57 BTC |
| 5 Minutes | |||||||
| Before | 41311.09 | 41381.50 | 41308.87 | 41371.10 | 0.15% | 0.18% | 97 BTC |
| During | 41371.10 | 41476.94 | 41371.10 | 41401.09 | 0.07% | 0.26% | 208 BTC |
| 10 Minutes | |||||||
| Before | 41288.66 | 41381.50 | 41288.65 | 41371.10 | 0.20% | 0.22% | 202 BTC |
| During | 41371.10 | 41476.94 | 41365.04 | 41393.18 | 0.05% | 0.27% | 332 BTC |
| 15 Minutes | |||||||
| Before | 41333.70 | 41381.50 | 41277.61 | 41371.10 | 0.09% | 0.25% | 341 BTC |
| During | 41371.10 | 41476.94 | 41365.04 | 41443.28 | 0.17% | 0.27% | 441 BTC |
| 30 Minutes | |||||||
| Before | 41209.26 | 41381.50 | 41184.60 | 41371.10 | 0.39% | 0.48% | 919 BTC |
| During | 41371.10 | 41488.65 | 41365.04 | 41466.00 | 0.23% | 0.30% | 777 BTC |
| 1 Hour | |||||||
| Before | 41228.96 | 41381.50 | 41139.13 | 41371.10 | 0.34% | 0.59% | 1,353 BTC |
| During | 41371.10 | 41490.00 | 41305.95 | 41366.45 | -0.01% | 0.44% | 1,655 BTC |
| 2 Hours | |||||||
| Before | 41143.99 | 41381.50 | 40953.17 | 41371.10 | 0.55% | 1.04% | 3,120 BTC |
| During | 41371.10 | 41911.10 | 41305.95 | 41762.01 | 0.94% | 1.44% | 4,544 BTC |
| 4 Hours | |||||||
| Before | 41165.80 | 41381.50 | 40953.17 | 41371.10 | 0.50% | 1.04% | 4,815 BTC |
| During | 41371.10 | 42215.63 | 41305.95 | 42068.96 | 1.66% | 2.15% | 9,882 BTC |
| 6 Hours | |||||||
| Before | 41198.41 | 41381.50 | 40953.17 | 41371.10 | 0.42% | 1.04% | 6,884 BTC |
| During | 41371.10 | 42471.10 | 41305.95 | 42389.22 | 2.40% | 2.74% | 14,521 BTC |
| 8 Hours | |||||||
| Before | 41004.80 | 41280.00 | 40555.00 | 41165.79 | 0.39% | 1.76% | 11,455 BTC |
| During | 41165.80 | 42215.63 | 40953.17 | 42068.96 | 2.15% | 2.99% | 14,697 BTC |
| 12 Hours | |||||||
| Before | 41004.80 | 41381.50 | 40555.00 | 41371.10 | 0.89% | 2.00% | 16,270 BTC |
| During | 41371.10 | 43475.20 | 41305.95 | 42782.02 | 3.30% | 4.99% | 29,664 BTC |
