Reasons for a bottom: (1) Stacked orderbooks - data.bitcoinity.org/markets/books/USD (2) Institutional money buying up fear (retail market trying to sell down price) (3) Bitcoin Mining Price Break-Even = $6900
If this truly is a bottom - I expect the price to consolidate around this zone ($6900-$7500) for a few weeks/months.
*Should the price break under the trend-line this bottom would be invalid and we should expect a deeper correction to $5000's and possibly $2000-$4000 eventually*
We will find out very soon if this is a true bottom or not.