Bitcoin Forum

Tokens Record Losses as Major Cryptos Struggle; Bitcoin Stable at $6,500
Was $5,800 the Bottom?
In previous reports, CCN noted that stability is the most important element in the price trend of Bitcoin that could lead and fuel the next mid-term rally in the global crypto market.

Initially, analysts described the recovery of Bitcoin from $5,800 to $6,300 as a short-term corrective rally initiated by traders due to massive oversold conditions recorded by the Bitcoin exchange market. But, BTC has continued to show stability in the $6,500 range since August 17, remaining in the $6,300 to $6,600 range for four consecutive days.

Bitcoin has tested the $6,000 support level three times in the past eight months but each time corrective rally was initiated, the price of Bitcoin almost immediately surged to resistance levels in the $7,000 and $8,000 region. This week’s corrective rally has seen BTC stabilizing in the mid-$6,000 range, unable to initiate large movements.
https://www.ccn.com/tokens-record-losses-as-major-cryptos-struggle-bitcoin-stable-at-6500/

We are not that far from $5800, so it's hard to say it was the bottom. And it doesn't even matter.
The sub $6000 "offers" don't last long, there seem to be enough takers for them, so even if there will be another bottom, I don't expect to see it last long.

no $6000 was the bottom. it doesn't matter that price went to a certain lower price level because technically if you look at the market price can jump if someone suddenly unloads a big amount on the market or buys a lot of bitcoin suddenly so i don't think we can consider those as real prices specially since it jumps back to normal level. for example the drop to $5930 was temporary and couldn't stay there and jumped back up so i consider $6000 to still be the bottom.

as for altcoins, they have always been dumping and making newbies lose a lot of money and it is their own fault for not learning from the mistakes they always make.

As we go nearer to the 4th quarter btc is gradually moving ups and downs it means market is struggling to find the stable position. $5k+ support is likely to happen in the few days. Then the price will go up again to the high in the following months. Can't predict the bottom but what is sure we will go high this year. But won't think its comparable to last year.