The Bitcoin Price Drop Probably Nearing Bottom

On Bitstamp the Bitcoin (BTC) price dropped to a 50-day low of $6,650 two days ago, but it seems that since then the BTC price is slowly ascending as of writing this article the price is $6,950, which indicates the Bitcoin price probably is nearing a bottom.
At article writing time, bitcoin is trading at $6,945 on Bitstamp, while the average price across leading exchanges, as represented by CoinMarketCap’s Bitcoin Price Index is at $6,977.
Below is the daily chart from Bitstamp.

Daily Chart

Looking at the historical daily chart the Bitcoin price has defended the ascending trend-line support.
The fact that BTC has recovered from $6,550 to $7,230 only adds credence to the historical pattern.
It's also worth noting that the ascending weekly 50-MA is at $6,955, and the 30-MA has crossed upwards the 50-MA, thus indicating the BTC price may continue upwards from here.

My Personal View

BTC price has likely found a bottom of $6,550 and will probably continue to defend the ascending trend-line support as shown on the daily chart above.

Disclaimer: This article is not intended to provide investment advice.