Bitcoin Tests Weekly Open As $113,300 Fair Value Gap Looms — What It Means

Over the past week, the Bitcoin market experienced significant volatile price action, resulting in a net price loss of 0.07%. Notably, the crypto market leader initially surged to $118,000 as bullish sentiments rose after the US Federal Reserve announced the first interest rate cut of 2025. However, Bitcoin has since retraced to around $115,700 in the past 24 hours, as transaction activity cooled off. In studying the asset’s price structure, a popular market analyst with the X username KillaXBT has highlighted two important price levels. Related Reading: Countdown To ‘Bitcoin Bottom Day’: Why September 21 Could Change Everything Bitcoin’s Weekly Open Faces Pressure Amid Daily Imbalance Threat In an X post on September 19, KillaXBT shares a vital cautionary insight on the present Bitcoin market, identifying two support zones in danger. Notably, as of the latest session, BTC has retested its weekly open at $115,219, a level that has served as a key pivot point for both bulls and bears. Holding above this threshold would be a strong sign of strength, while a decisive move lower could tilt market sentiment bearish. However, there is also a heavy focus on a daily fair value gap extending down to $113,355, highlighted on the charts as an area of imbalance left behind by rapid price action. KillaXBT explains that losing the weekly open would likely trigger a price decline to $113,355 because such inefficiencies eventually get filled, as price retraces into the zone to rebalance order flow. However, there is also the presence of the previous wick low at $114,367, which currently sits just above the FVG zone. This intermediate support may act as a buffer before any deeper probe toward the $113,355 mark. According to KillaXBT, Bitcoin price holding above the weekly open and FVG price zone is critical for price action going into the next week. A successful price defence at these levels could result in a reclaim of $118,000 claim and potentially the present ATH at $124,000. Meanwhile, a decisive price fall below $113,355 would expose the premier cryptocurrency to downside targets around $112,000, $110,000, and $108,000. Related Reading: Bitcoin Cash (BCH) Plunges 6.7% As Social Media Shows Overhype Bitcoin Price Overview At the time of writing, Bitcoin is trading at $115,700, reflecting a 0.98% decline in the past day. Meanwhile, the trading volume is down by 17.14% and valued at around $35.8 billion. Despite a market cap of $2.3 trillion, Bitcoin’s dominance now stands at 57.1% indicating an ongoing outperformance by altcoins as the altseason potentially commences. Featured image from Pexels, chart from Tradingview