These two prices need no interpretation, which is exactly why they matter. Stop orders cluster just beyond them, breakout orders sit at them, and a large share of intraday ranges either respect them or sweep them.
In practice they behave in two modes. On balanced days price rotates between them; on trend days one is taken out early and never revisited. Which mode you are in is usually clear within the first hour, and the initial-balance is the standard way to judge it.
They are also textbook liquidity-pool-chartings, so a sharp poke through followed by rejection is common enough that entering a breakout the instant the level trades is often the worst available entry.
Related: overnight-high-low, weekly-open, initial-balance, pivot-point