Bitcoin Climbs Back Above $102K After Brief Selloff; James Lavish Warns Against Panic Selling
Bitcoin rebounded above $102,000 on Saturday after briefly slipping under $101,000 amid market jitters tied to rising geopolitical tensions. The rapid recovery was fueled by a surge in buying and heightened trading activity.
CoinDesk Research’s technical analysis shows BTC touched lows near $101K before reversing sharply upward. The dip pushed Bitcoin to the lower end of its month-long trading range, but a burst of trading volume helped spark a strong bounce.
The recovery followed a pointed message from James Lavish, Managing Partner at the Bitcoin Opportunity Fund, who 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.”
His comment underscored the belief among many Bitcoin advocates that the asset should act as a safe haven during times of global turmoil.
Bitcoin has been trading between $100K and $110K for nearly a month. On-chain signals suggest a neutral market, with no significant trend toward either accumulation or profit-taking. Meanwhile, derivatives markets remain cautious, as traders continue to hedge against potential downside risks.
Technical Highlights:
- BTC surged past $102,800 around midnight, driven by a spike in trading volume to 17,906 BTC.
- Between 05:57 and 06:00, Bitcoin advanced from $102,767 to $102,912, with sustained activity exceeding 150 BTC per minute.
- The strongest rally occurred when 184.24 BTC traded in a single minute, lifting prices toward $102,990.
- Before the breakout, BTC consolidated between $102,680 and $102,720.
- A short-term support level appears to be forming near $102,870 as volatility subsides.
