Because people are losing money doesn't make it the bottom. The market doesn't care if people are in lose or not, there is no correlation to it. With the current situation, Bitcoin could go easily below $5,000 and if that happens it's only a matter of time and could happen very soon, surely during this summer. To add to that, I don't remember the market being good during the summer.
We see that price is go low to 5800$ and it stay at that level just a few hours, then it bounce back to 6250$ so it is clear for now that there is strong resistance between 5800-6000$ for some time. I agree that price can go in both ways anytime, and since summer time on northern hemisphere is always in some way "bad" time for crypto, it is possible that even lower levels will be tested.
I am more interesting what will happen in last 2-3 months of this year, can we see any postive changes or we will stay in bear market until some new "big thing" that will couse new pump. Specualtion that big capital is just waiting to enter in crypto markets is something we can read/hear almost daily, I hope there is some truth in that.