Bitcoin Reverses 2.9% Drop, Closes Above $102,800 After Lavish's Criticism

Bitcoin experienced a tumultuous trading session, with its price fluctuating between $100,962 and $103,970 over the past 24 hours. The cryptocurrency initially dropped by 2.9% from $103,970 to $100,962 before making a sharp recovery, closing above $102,800. This volatile session was marked by unusually heavy trading, with buying pressure intensifying as volume peaked at 17,906 BTC during the midnight recovery.

The reversal gained significant momentum as trading volume accelerated, leading to a strong rebound. This move coincided with a sharply worded post from hedge fund manager James Lavish, who criticized the selling of Bitcoin due to war fears. Lavish wrote on X, “If you are selling Bitcoin because of the possibility of the world going to war, you have absolutely no idea what you own.” This statement underscored the sentiment that the selling was driven by panic rather than a fundamental understanding of the asset.

The $100K–$110K range has contained price movement for nearly a month, indicating a balanced market with neither excessive profit-taking nor aggressive accumulation. On-chain metrics suggest cautious sentiment, with continued demand for downside protection. This cautious approach is reflected in the derivatives data, which shows a market that is neither overly bullish nor bearish but rather waiting for clearer signals.

Technical analysis highlights several key moments during the recovery. A midnight push lifted BTC above $102,800, with trading volume peaking at 17,906 BTC. Between 05:57 and 06:00, BTC climbed from $102,767 to $102,912, supported by volume spikes over 150 BTC per minute. The peak recovery-period volume hit 184.24 BTC, helping drive the price toward $102,990. Minute-level consolidation around $102,680–$102,720 preceded the breakout, and a higher support level began forming near $102,870 as volatility decreased.

This event underscores the volatile nature of Bitcoin and the impact of external factors, such as geopolitical tensions, on its price. The swift reaction of market participants to the dip and the subsequent rebound highlight the resilience of the cryptocurrency market. The comments from James Lavish serve as a reminder that panic selling driven by fear of war may not be aligned with the long-term fundamentals of Bitcoin. The market's ability to recover quickly from such dips suggests a level of maturity and stability, despite the ongoing volatility.