Bitcoin's $80K Test: Will Buyers Step Up?

James Miller · 2026-11-02

When Bitcoin revisits a price level that previously acted as resistance, traders face a practical question: will buyers defend it as support? That's exactly the scenario Brian Shannon examined in a recent TradingView feature, focusing on the $80,000 zone where two Anchored Volume Weighted Average Price (AVWAP) levels converge. ### Two Anchored VWAPs Meet at $80K Brian's analysis centers on two key AVWAP levels: one anchored from Bitcoin's all-time high and another from its August pivot. Both point to the same area around $80,000, creating a confluence zone that traders are watching closely. As the article describes, the all-time-high AVWAP had acted as resistance over the past year. Now, Bitcoin's return to that level presents a fresh test: can buyers turn a former ceiling into a new floor? For anyone following Bitcoin technical analysis, this is more than just a price level. It's a psychological battleground where the balance of power between bulls and bears could shift. ### The $78K Shakeout Scenario Brian also outlines a scenario where Bitcoin briefly dips below support and heads toward $78,000. In that case, the key would be a swift recovery back above $80,000. That kind of move could set the stage for a stronger fourth-quarter advance. The sequence matters. A move lower alone wouldn't confirm anything. The recovery is what would signal that buyers are still in control. He also notes that Bitcoin could push higher directly from current levels without a deeper pullback. So there are two paths: a shakeout and reclaim, or a direct advance. Either way, traders have clear reference points. ### Why This Matters for Traders The feature offers a focused look at how Brian uses Anchored VWAP to evaluate support, resistance, and potential turning points. By anchoring VWAP to significant events like all-time highs or pivot lows, he can identify levels where price is likely to react. Here's the takeaway: when two AVWAPs converge, it creates a high-probability zone. The market's reaction around that zone can provide valuable clues about the next move. > "The reaction around the zone can help traders assess whether support is holding or whether price remains vulnerable to another move lower," Brian noted. For traders, the key is to watch how price behaves at $80,000. A strong bounce with volume would suggest support is holding. A breakdown below $78,000 without a quick recovery could signal further downside. Either way, Brian's analysis gives you concrete levels to monitor. And that's the value of technical analysis: it turns noise into actionable insights. So keep an eye on that $80K zone. The battle between bulls and bears is heating up, and the outcome could set the tone for the rest of the year.