You might as well say that it dropped to $102, because that is what btc-e shows. Still, this is one of many intra-day dips we've seen, doesnt need to change your personal view on bitcoin's future value.

Bitcoin's price volatility is caused by the simple fact that many holders are unwilling to sell at whatever price or whatever event right now. That is a sign of stability to me. It's all about it's subjective value to the market participants. If you could graph that you would see it doesnt budge much with the holders of 80% of all bitcoins.

The only reason it doesnt rise further seems to be that believers are already heavily invested in bitcoin and can't take on any more exposure to it.