BTC Volatility Analysis for CPI, 12th March 2024

Data Analysis

The data released by Bureau of Labor Statistics for Consumer Price Index on 12th March, 2024 has come in at an increase to 0.6% for February 2024. Compared to the previous release for January 2024 at 0.5%, we can see that prices & inflation is increasing month over month.

To see the impact and volatility of BTC's price during the CPI 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 7,194 BTC with prices swinging between 71,506.47 and 72,376.00, representing a swing of 1.20%. Subsequently, the trading volume increased significantly by 167% to 19,220 BTC. Price action ranged from a low of 70,127.00 to a high of 73,000.00, a significant difference of 3.94%

15-Minutes Chart Analysis

Analysing on a lower time frame to get a more accurate picture, 767 BTC in trading volume was observed prior to the data release. Prices ranged between a low of 71,576.00 to a high of 71,941.74, a 0.51% change. Immediately following, trading volume increased significantly by 124% to 1,720 BTC. At this time, Bitcoin hit a low of 71,470.00 with a high of 72,294.17, a significant change of 1.14%.

About Consumer Price Index

The Consumer Price Index (CPI) measures the monthly change in prices paid by U.S. consumers. The Bureau of Labor Statistics (BLS) calculates the CPI as a weighted average of prices for a basket of goods and services representative of aggregate U.S. consumer spending. The CPI is one of the most popular measures of inflation and deflation. The index is published monthly by the U.S. Bureau of Labor Statistics (BLS).