The cryptocurrency leader initially surged to $118,000 following the US Federal Reserve’s first interest rate cut of 2025. However, this bullish momentum was short-lived, as Bitcoin retraced to around $115,700, with transaction activity witnessing a decline.

Bitcoin Price Faces Weekly Open Challenge

Market analyst KillaXBT, via a recent post on X, highlights the critical pressure on Bitcoin’s weekly open. As of the latest trading session, Bitcoin retested its weekly open at $115,219—a pivotal level for both bullish and bearish sentiments. Sustaining above this point signals market strength, while a dip below could usher in bearish trends.

The fair value gap extending down to $113,355 represents a zone of imbalance from previous rapid price movements. KillaXBT emphasizes the importance of this gap, cautioning that failing to maintain the weekly open could lead to a decline towards this gap, as prices traditionally seek to rebalance order flow.

Critical Support Levels in Bitcoin Price

Another crucial level is the previous wick low at $114,367, providing intermediate support above the fair value gap. This buffer might prevent deeper declines, offering Bitcoin a chance to stabilize before testing the $113,355 mark.

Maintaining the weekly open and fair value gap is vital for Bitcoin’s price trajectory in the upcoming week. A successful defense could potentially lead to a reclaim of $118,000 and even approach the current all-time high of $124,000. Conversely, a decisive fall below $113,355 exposes Bitcoin to further downside risks, with targets around $112,000, $110,000, and $108,000.

Current Bitcoin Price Overview

As of now, Bitcoin Price stands at $115,700, marking a 0.98% drop over the past day. The trading volume has decreased by 17.14%, valued at approximately $35.8 billion. Despite holding a market cap of $2.3 trillion, Bitcoin’s dominance is at 57.1%, suggesting altcoins are beginning to outperform, potentially heralding an altseason.

In conclusion, the ongoing pressure on Bitcoin’s weekly open and the presence of a fair value gap are critical factors to watch. These elements will determine Bitcoin’s price direction in the near term, influencing market sentiment and potential price targets.

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