Wu said that, according to Greeklive, the overall market sentiment is severely divergent, with most believing that Bitcoin's current level of around $110,500 will correct. Bearish confidence has strengthened due to its three failures to break through this price level, while bulls still hold firm to a target of $145,000. Bears are actively buying $102,000 put options for Bitcoin that expire at the end of this month, and technical analysis may show signs of weakness due to the failure to break through. Bears are using collar trading strategies and put option spreads for hedging instead of directly shorting.