BTC Volatility Analysis for Non-Farm Payrolls, 7th June 2024

Data Analysis

The data released by Bureau of Labor Statistics for Non-Farm Payrolls on 7th June, 2024 has come in at an increase to 193K for May 2024. Compared to the previous release for April 2024 at 118K, 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 4,531 BTC with prices swinging between 71,060.50 and 71,971.84, representing a swing of 1.27%. Subsequently, the trading volume increased considerably by 91% to 8,666 BTC. Price action ranged from a low of 70,633.21 to a high of 71,997.02, a difference of 1.89%

15-Minutes Chart Analysis

Analysing on a lower time frame to get a more accurate picture, 651 BTC in trading volume was observed prior to the data release. Prices ranged between a low of 71,621.09 to a high of 71,971.84, a 0.49% change. Immediately following, trading volume increased significantly by 356% to 2,971 BTC. At this time, Bitcoin hit a low of 70,633.21 with a high of 71,997.02, a significant change of 1.89%.

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.