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

Bitcoin's pushing against its weekly open—while a massive $113,300 fair value gap hangs overhead. Here’s why traders are watching this level like hawks.

Testing Key Resistance

Bitcoin isn’t just flirting with resistance—it’s hammering at the door. That weekly open level has become a make-or-break zone. Break above, and bulls might just have the momentum to charge toward that looming fair value gap. Fail, and it’s back to consolidation—or worse.

The $113,300 Question

That fair value gap isn’t just a number—it’s a magnet. Market mechanics suggest price tends to gravitate toward these imbalances, and this one’s a whopper. If BTC claws past the weekly open, that gap becomes the next big target. If not? Well, let’s just say it’s a reminder that in crypto, ‘fair value’ is whatever the crowd panic-bids or dumps at. Typical finance—find a pattern, give it a fancy name, and pray it holds.

What’s Next?

Keep an eye on volume and momentum. If buying pressure stacks up, we could be in for a volatile ride toward that $113k zone. If not? Then it’s just another day in crypto—where ‘value’ is whatever the last person paid.

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.

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.