Crypto traders are cautiously optimistic as they monitor the 98-point level, a critical support that could influence further market declines. The market sentiment is mixed, with some traders taking profits on put options while others prepare for a potential deep correction. Volatility has risen above 50%, offering enhanced trading opportunities. Options strategies are adapting to the increased volatility, with weekend expirations now exceeding 50%. The July 11 contracts are trading at a 40% volatility, providing better premium opportunities. Traders are actively selling put options below the 90-point level and are ready to implement risk reversal or butterfly spread strategies near 96 points if the 98 support fails. Strategic positions include buying mid-July call options and deep out-of-the-money puts as hedges against significant market moves, leveraging the improved volatility environment.