BTC Volatility Analysis for Non-Farm Payrolls, 6th September 2024

Data Analysis

The data released by Bureau of Labor Statistics for Non-Farm Payrolls on 6th September, 2024 has come in at a decrease to 71K for August 2024. Compared to the previous release for July 2024 at 88K, we can see that labour market is still increasing but slowed 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 4,192 BTC with prices swinging between 55,639.00 and 56,262.11, representing a swing of 1.11%. Subsequently, the trading volume increased significantly by 424% to 21,962 BTC. Price action ranged from a low of 53,808.00 to a high of 57,008.00, a significant difference of 5.61%

15-Minutes Chart Analysis

Analysing on a lower time frame to get a more accurate picture, 388 BTC in trading volume was observed prior to the data release. Prices ranged between a low of 55,846.80 to a high of 56,120.01, a 0.49% change. Immediately following, trading volume increased significantly by 620% to 2,791 BTC. At this time, Bitcoin hit a low of 55,653.42 with a high of 56,843.03, a significant change of 2.09%.

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.