Original market reaction analysis

From the event candle, BTC moved -0.40% in 5 minutes, -0.57% in 15 minutes and -0.84% in one hour. Volume was 5.5 times its prior three-hour average, while pre-event RSI(14) at 51.7 indicated a neutral range. Liquidations in the one-hour observation window were $1.6M long and $0K short.

Returns compare the opening price of the five-minute candle containing the announcement with the close of 1, 3 and 12 candles. They may differ from exact timestamp returns. RSI uses only completed pre-event candles.

These measurements show timing and correlation, not proof of sole causation.

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