BTC Volatility Analysis for Retail Sales, 17th September 2024

Data Analysis

The data released by Bureau of Census for Retail Sales on 17th September, 2024 has come in at a decrease to -0.2% for August 2024. Compared to the previous release for July 2024 at 0.9%, we can see that consumer sentiment is still decreasing 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 3,785 BTC with prices swinging between 58,669.63 and 59,300.00, representing a swing of 1.06%. Subsequently, the trading volume increased significantly by 295% to 14,948 BTC. Price action ranged from a low of 58,872.02 to a high of 61,320.00, a significant difference of 3.99%

15-Minutes Chart Analysis

Analysing on a lower time frame to get a more accurate picture, 431 BTC in trading volume was observed prior to the data release. Prices ranged between a low of 59,044.06 to a high of 59,216.92, a 0.29% change. Immediately following, trading volume remain relatively similar at 436 BTC. At this time, Bitcoin hit a low of 59,129.51 with a high of 59,322.85, a change of 0.33%.

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.