BTC Volatility Analysis for Retail Sales, 14th December 2023

Data Analysis

The data released by Bureau of Census for Retail Sales on 14th December, 2023 has come in at an increase to -0.1% for November 2023. Compared to the previous release for October 2023 at -0.5%, we can see that consumer sentiment has decreased but at a slower rate month over month.

To see the impact and volatility of BTC's price during the Retail Sales release, we will first observe the difference in volume and price changes on the 4-hours chart, followed by the 15-minutes chart. Change in prices will be be determined by the high and low prices instead of the opening and closing prices.

4-Hours Chart Analysis

In the period prior to the release, the trading volume was 7,523 BTC with prices swinging between 42,006.00 and 43,367.83, representing a swing of 3.14%. Subsequently, the trading volume increased considerably by 71% to 12,868 BTC. Price action ranged from a low of 41,400.00 to a high of 42,917.80, a difference of 3.54%

15-Minutes Chart Analysis

Analysing on a lower time frame to get a more accurate picture, 1,254 BTC in trading volume was observed prior to the data release. Prices ranged between a low of 42,006.00 to a high of 42,921.10, a 2.13% change. Immediately following, trading volume increased significantly by 191% to 3,648 BTC. At this time, Bitcoin hit a low of 41,400.00 with a high of 42,516.27, a change of 2.63%.

About Retail Sales

The U.S. Census Bureau publishes the Retail Sales report every month. It is a measure of consumer spending, an important indicator of the US GDP. Retail firms provide data on the dollar value of their retail sales and inventories. A sample of 12,000 firms is included in the final survey and 5,000 in the advanced one. The advanced estimated data is based on a subsample from the USCB complete retail & food services sample.