Bitcoin is experiencing a bearish sentiment in the market, with traders anticipating a pullback from its current level of approximately $110,500. Despite three failed attempts to break this resistance, bears are confident in a downward trend, while bulls maintain a target price of $145,000, highlighting a divided market outlook. A surge in put option purchases indicates a focus on a significant correction. Bears are actively acquiring $102,000 put options expiring at the end of the month, viewing the current 40% volatility as a bargain with an excellent risk-reward ratio. Some traders are convinced that Bitcoin will drop to $105,000 by tomorrow, labeling the current level as the "absolute top," with a final target of $90,000. Technical analysis supports this bearish view, as repeated failures to surpass $110,500 suggest weakness, prompting the use of collar trading strategies and put spreads for hedging rather than direct shorting.