Despite the escalation of international geopolitical conflicts, the deep involvement of the United States in the Middle East crisis caused Bitcoin to briefly fall below the $101,000 level, but the market quickly demonstrated an astonishing rebound capability. Within just a few hours, the price of Bitcoin stabilized above $102,000, with volume rapidly climbing, and the market began to show signs of reversal.

From an on-chain data analysis perspective, the current market fundamentals remain solid: the market structure is stable, with no large-scale profit-taking or excessive leverage operations observed. Derivatives market data also indicate that while investor sentiment is cautious, it remains rational, and the demand for protection against downside risks is basically stable.

The insights of James Lavish, a partner at the Bitcoin Opportunity Fund, are thought-provoking: "If you sell Bitcoin out of concern for the outbreak of war, it indicates that you fundamentally do not understand the nature of the assets you hold."

Every market pullback is a test of investors' perceptions, and every moment when panic spreads is often a good opportunity for visionary capital to increase its allocation. In today's globally uncertain environment, Bitcoin may no longer just be a risk asset, but is gradually becoming a hedging tool against systemic risks.