People keep focusing on technical analysis while there is one simple aspect mainly responsible for not settling below key support between the $5700-$5800 levels.
It's the pshycological importance of the round $100 billion market cap. Do the math 17.225 million BTC x ~$5800 = $100 billion.
I honestly don't think we've seen the worst, mainly because of the fact that all the worthless ETF speculation has given people enough hope to at least have more patience before tanking the market further. Without ETF speculation the market would probably look a whole lot different right now.
It could still go down since new coins are being mined every day, so the price could in a couple weeks be lower if those fresh coins don't find people willing to buy them at these prices. Just a thought, I'm bullish and think that we'll break 7k again in a couple months. A rally once every couple months is inevitable. We had one attempt in July, there should be another one in September.
I believe we have as many people waiting for $5k BTC as those holding and waiting for 10k to be back. That's why we've been trading sideways for a month, which is very rare.