Bitcoin's (BTC) $240,000,000 Liquidation Cluster Erased Amid Large Fakeout

With a violent fakeout between $111,000 and $117,000 wiping out a massive $240 million liquidation cluster the recent price action of Bitcoin demonstrates yet another instance of market manipulation through leveraged overexposure. The market was shaken but significantly cleaner in terms of open interest and risk as a result of the move which liquidated both late-entry shorts and overconfident longs.