Many people think that Bitcoin may have finally bottomed at around the 20k level. There are some who believe there is further room to the downside, pointing to 13-14k as a bottom before it can finally start going back up to a new high. Then, of course, there are those who believe Satoshis will be completely worthless eventually. 

Anyone who has followed Bitcoin since it began trading in July 2010 knows that the price has always recovered after crashes. Each time after the price crashes from previous highs, it eventually establishes a new all-time high. There are just so many factors to consider when trying to judge the price movement:

• What macro economic factors may help/hinder the price?
• What are "Bitcoin whales" doing?
• How are other cryptocurrencies trading?
• What are "influencers" saying?

Some of these may have a greater/lesser effect than others. You can even argue that some may not have any implications at all. Remember how everyone said that Bitcoin was "the ultimate hedge against inflation?" At the end of the day, it's about supply and demand. Since Bitcoin touched 17k in June and again hit 18k this month, it has stayed above 19k since July 12th. Now, that's a relatively compact view and short timeframe. But you can see here that 19k has acted as support for the month of July:

I'm not really much of a technical wizard. But if we zoom out and look at two views here, it appears that Bitcoin may be bottoming out here. Every time it has approached the bottom of the Bollinger band, it bounces back. All this is really saying is that on the all-time chart view, the price of Bitcoin is resilient. I wouldn't really call this much of an indicator, so much as a view of how the price always recovers after establishing new highs.

Next, let's take a look at the RSI. The past few times it has dipped below 50, the price has gone back up. The period which took up most of 2015 is obviously an exception here. The question is how long will it stay below that 50 level.

What's clear here is that a bottom has yet to be established. But, if the prices stays above 19k for the rest of July, that is a good base forming. Have to keep an eye on the charts. Follow the money to see where the trend is going. And always do your own research, trust your instincts, and question everything.

Interesting experiment: search the internet using the term "bitcoin bottom" and see how many different numbers you get.