BTC Volatility Analysis for CPI, 11th January 2024

Data Analysis

The data released by Bureau of Labor Statistics for Consumer Price Index on 11th January, 2024 has come in at an increase to -0.1% for December 2023. Compared to the previous release for November 2023 at -0.2%, we can see that prices & inflation has decreased but at a slower rate 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 11,360 BTC with prices swinging between 46,210.00 and 47,464.87, representing a swing of 2.64%. Subsequently, the trading volume increased significantly by 289% to 44,195 BTC. Price action ranged from a low of 45,606.06 to a high of 48,969.48, a significant difference of 6.87%

15-Minutes Chart Analysis

Analysing on a lower time frame to get a more accurate picture, 791 BTC in trading volume was observed prior to the data release. Prices ranged between a low of 47,088.00 to a high of 47,350.00, a 0.55% change. Immediately following, trading volume increased significantly by 137% to 1,876 BTC. At this time, Bitcoin hit a low of 46,762.86 with a high of 47,201.32, a significant change of 0.93%.

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).