BTC Volatility Analysis for Non-Farm Payrolls, 8th March 2024

Data Analysis

The data released by Bureau of Labor Statistics for Non-Farm Payrolls on 8th March, 2024 has come in at an increase to 222K for February 2024. Compared to the previous release for January 2024 at 119K, we can see that labour market is increasing month over month.

To see the impact and volatility of BTC's price during the Non-Farm Payrolls 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 6,263 BTC with prices swinging between 67,096.58 and 67,775.04, representing a swing of 1.00%. Subsequently, the trading volume increased significantly by 441% to 33,865 BTC. Price action ranged from a low of 66,082.66 to a high of 69,990.00, a significant difference of 5.58%

15-Minutes Chart Analysis

Analysing on a lower time frame to get a more accurate picture, 454 BTC in trading volume was observed prior to the data release. Prices ranged between a low of 67,300.00 to a high of 67,537.85, a 0.35% change. Immediately following, trading volume increased by 47% to 667 BTC. At this time, Bitcoin hit a low of 67,366.55 with a high of 67,652.98, a change of 0.42%.

About Non-Farm Payrolls

Nonfarm payrolls is the measure of the number of workers in the U.S. excluding farm workers and workers in a handful of other job classifications. This is measured by the Bureau of Labor Statistics (BLS), which surveys private and government entities throughout the U.S. about their payrolls. The BLS reports the nonfarm payroll numbers to the public on a monthly basis through the closely followed “Employment Situation” report.