The cryptocurrency market is experiencing mixed sentiment as traders adopt a short-term bearish stance while maintaining a long-term bullish outlook, particularly around key resistance levels at $90,000 and $102,000. Unusual derivatives activity has been observed, with perpetual CVD rising despite stable spot prices, alongside increases in open interest and funding rates, suggesting potential market manipulation or significant position changes. Traders are employing bearish spreads and end-of-month $100,000 put options while maintaining call options, indicating a hedging strategy rather than a directional belief. Technical analysis highlights $90,000 as a rejected resistance level, with $102,000 seen as the maximum downside target before a potential upward breakout. The combination of mixed signals from the derivatives market and rising perpetual CVD, open interest, and funding rates adds uncertainty to market direction and manipulation possibilities.