A significant Bitcoin short position valued at $131 million is at risk of liquidation if Bitcoin's price hits $111,770. The position, held on Hyperliquid with 20x leverage, is under threat as Bitcoin currently trades at $106,443. Analysts indicate that ongoing short liquidations and institutional buying could drive Bitcoin towards this critical level. Technical indicators reveal a bullish trend, with 15 buy signals and only one sell signal, suggesting strong upward momentum. In the past 24 hours, $343.89 million in crypto liquidations have occurred, with 75% involving short positions. The whale behind this position has a track record of profitable trading on Hyperliquid, having realized $33.12 million in profits. The combination of institutional interest and short liquidations may continue to exert upward pressure on Bitcoin's price.