This is what Wall Street call "price discovery". Its the point where they cant suppress the price any longer.
But the issue remains: will it go up from there? Will this bottom go up? Or will the price keeps swinging over it?
Weve been here so many times this year, and seeing the previous price movement, always a bounce back after hitting this level. Maybe the theory of the OP is right since the support level are strong between the price range of $5k-$6k where buyers and sellers agreed the bottom price. No one can answer your question but as an optimist hodler, Maybe we see a new bottom but I know it will to rise again.