BTC Volatility Analysis for Retail Sales, 16th November 2022

Data Analysis

The data released by Bureau of Census for Retail Sales on 16th November, 2022 has come in at an increase to 1.0% for October 2022. Compared to the previous release for September 2022 at -0.3%, we can see that consumer sentiment is increasing 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 49,454 BTC with prices swinging between 16,511.58 and 16,779.00, representing a swing of 1.59%. Subsequently, the trading volume increased by 36% to 67,429 BTC. Price action ranged from a low of 16,378.61 to a high of 16,700.24, a difference of 1.93%

15-Minutes Chart Analysis

Analysing on a lower time frame to get a more accurate picture, 2,480 BTC in trading volume was observed prior to the data release. Prices ranged between a low of 16,572.19 to a high of 16,629.80, a 0.35% change. Immediately following, trading volume increased significantly by 246% to 8,575 BTC. At this time, Bitcoin hit a low of 16,511.00 with a high of 16,700.24, a significant change of 1.13%.

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.