Crypto traders are cautiously optimistic about a potential price increase, targeting key levels of $118,000 and $120,000. Market participants expect significant volatility surrounding Fed Chair Powell's upcoming speech, with each statement potentially causing $200 price swings. In this low volatility environment, traders are managing options positions carefully. One trader has sold $112,000 and $113,000 put options for next week, indicating a bullish stance on price floors despite warnings to await Powell's remarks. This strategy is hedged with short perpetual contract positions to manage downside risk, showcasing sophisticated risk management in volatile conditions. The group consensus suggests a retest of $114,000-$115,000 as an ideal scenario, with low volatility expected to accelerate options time decay in their favor.