Keep an Eye on These Bitcoin Price Levels as the 100,000 USD Target Returns

Bitcoin ( BTCUSD ) has surged to its highest level in over two months, bringing this value back close to the psychological threshold of 100,000 dollars. Digital assets rose on Thursday following reports that investment bank Morgan Stanley is considering adding spot cryptocurrency trading to its E*Trade platform at some point next year. The sentiment was also boosted after Strategy ( MSTR ), the world's largest bitcoin holder company, announced plans to buy more bitcoin through a $21 billion stock offering. Bitcoin has increased by about 30% from its lowest point in early April as investors seek to diversify their portfolios amid uncertainties surrounding the Trump administration's trade policies and their potential impact on the economy. In the context of the recent chaotic market, bitcoin and stocks sometimes move in opposite directions, providing evidence to some investors that cryptocurrency is finally showing its value as a safe haven. This old cryptocurrency recently priced at 97,000 USD, still below the all-time high of about 109,000 USD in January but up from the low of under 75,000 USD last month. Below, we will take a closer look at the bitcoin chart and apply technical analysis to identify significant price levels of interest. Break the Flagging Pattern After breaking out of the descending channel last month, the price of Bitcoin has surged sharply before consolidating into a narrow flag pattern. In the victory for the bulls, the leading cryptocurrency made a breakthrough on the top trend line of the flag on Thursday, setting the stage for a continued move higher. Furthermore, the relative strength index confirms the bullish momentum, with the indicator nearing the overbought territory. However, it is noteworthy that the trading volume remains below average during the recent price increase of Bitcoin, indicating that larger market participants may still be sitting on the sidelines. Let's identify two important areas on the Bitcoin chart that investors may be monitoring and also identify key support levels to note during future pullbacks. Important Areas on High Need Attention The first overhead area to watch is at the level of 100,000 USD. This important position may provide resistance near the round number and the horizontal line connecting a series of trading activity on the chart between November and February. A more aggressive price move could see Bitcoin testing the resistance level above around $107,000. Investors who have accumulated cryptocurrency at lower price levels may decide to lock in profits at this point, close to the prominent swing high in December and January. This area also roughly aligns with the bullish target of the expected flag pattern, which aims to push the impulsive move higher before the flag and reposition from the breakout point of the pattern. Key Support Levels to Note During the pullback, initial investors should keep an eye on the $92,000 level. A pullback to this area could attract buying interest near the lows of the flag pattern, which also aligns with several peaks and troughs on the chart extending back from last November. Finally, the incident below this important technical level opens the door for a drop to $85,000. Investors may look for entry points in this area near the lows of February and a sideways phase on the chart before Bitcoin breaks out of the descending channel from last month.