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.
IMO institutional investors have buys just under the $6000 mark. Which is why it's holding above that level. What is missing is retail investors - they've been scared away by the price drop from $20,000 plus all the drama with fees at the end of last year.
Newbies got scared and they sold what they have in panic. I don`t think that anyone else got scared, this machine is not stopping for a second, only thing that drop occasionally is price. Like op said this is a solid bottom, we been on 6,000$ many times this year, we survived summer on this bottom, like all summers this was lazy too, but things will be different in September and winter months, like it is every year.
Price will go up, and down again many times, I don`t doubt in that. When will we break that 10,000$ point again is speculation, but I think that will happen in next few months, before new year for sure.