Bitcoin is trading near $111,700 following a wave of liquidations that wiped out over $270 million in leveraged long positions across the cryptocurrency market. Ethereum and XRP also experienced significant losses, with liquidations amounting to $132.8 million and $12.4 million, respectively. The $110,000 mark is now a critical support level for Bitcoin, while potential upside targets are identified between $114,500 and $118,000.