Britney Spears Not Being Held Hostage by Conservator, Despite #FreeBritney Protests

The #FreeBritney movement has re-emerged in a big way, with lots of people spinning conspiracy theories that she's being held against her will ... but they got the story wrong.

Folks on social media have been alarmed by Britney Spears posting a gaggle of dance and fashion show videos. They're odd, to say the least ... she's dancing, pacing back and forth and looking not quite put together.

So then, fans started sending Britney secret messages -- "wear black if you need help," and "wear pink if you are in trouble." Well, she wore pink shorts with black polka dots in a dance video, and that's all she wrote.

She also crossed her arms in an "X" fashion and folks interpreted that as saying, "I'm not okay." Well, people went nuts online, again suggesting her conservatorship -- led by Britney's dad, Jamie -- was holding her against her will.

Here's the reality. We've reported for the last 2 years ... Britney is struggling. Her meds stopped working and doctors were having trouble finding the right combination. Sources with direct knowledge tell us she's not been easy to deal with ... she sometimes complains she wants more freedom. Short story -- she hasn't been especially stable managing her mental illness.

There's collateral damage in all of this ... Kevin Federline has had their 2 kids considerably more than Britney -- and it all relates back to her mental state.

The conservatorship has been around for 12 years -- an incredibly unusual amount of time for a conservatorship to last, but this one's different. Our sources have said for years ... Britney's mental illness requires this conservatorship -- probably for life.

Lots of people think this is all Jamie lording over his daughter, but it's not the case. There is a slew of people involved in the conservatorship -- doctors, lawyers, therapists and a judge. There is no way Jamie could go rogue without one of the others taking it to the judge.