Bitcoin's $80K Test: Will the Former Ceiling Become a Floor?

Emily Johnson · 2026-11-02

When Bitcoin climbs back to a price level that once stopped it cold, there's only one question that matters: will buyers show up and defend it? That's exactly the situation playing out near $80,000 right now. Brian Shannon recently shared his take on TradingView, and his analysis centers on a pretty fascinating technical setup. ### Two Anchored VWAPs Point to the Same Zone Here's the thing about Anchored VWAP (AVWAP for short): it's not just another line on a chart. It tracks the average price paid by everyone since a specific event, and when two of those lines converge, traders sit up and take notice. In this case, Shannon is looking at the AVWAP anchored from Bitcoin's all-time high and another anchored from the August pivot. Both are pointing to roughly the same area around $80,000. What makes this interesting? The all-time-high AVWAP acted as resistance for the better part of a year. Now that price has returned to it, we're about to find out if that old ceiling can turn into a floor. If buyers step in here, it's a bullish signal. If they don't, well, the market has other plans. ### The $78K Shakeout Scenario Shannon doesn't sugarcoat it: there's a real chance Bitcoin dips below support and tests $78,000. But here's where it gets interesting. If that happens and price quickly recovers back above $80,000, that's the kind of shakeout that can fuel a stronger fourth-quarter rally. The key is the recovery, not just the dip. A move lower without a bounce would leave the market vulnerable. But a swift reclaim of that zone? That's the setup bulls want to see. He also points out that Bitcoin could just as easily push higher from current levels without any pullback at all. So you've got two clear scenarios to watch, and the market will decide which one plays out. ### Why This Matters for Your Trading Shannon's approach is a great reminder that technical analysis isn't about predicting the future; it's about identifying key levels where the odds shift. The AVWAP confluence near $80K gives you a specific zone to monitor. How price reacts there tells you a lot about who's in control. As Shannon puts it, "The reaction around the zone can help them assess whether support is holding or whether price remains vulnerable to another move lower." That's the kind of practical insight that makes his analysis worth following. So keep an eye on $80,000 and $78,000. Those are the numbers that matter right now. And if you want to dig deeper into Shannon's full breakdown, you can find it on TradingView.