The hydraulics in the clutch perform the self adjustment.
The spring in the slave cylinder should keep the arm in light contact with the thrust bearing.
The bite point should be as soon as the cylinder is activated and starts to move the arm.
For this to happen, fresh fluid must be able to enter the master cylinder when the peddle is released.
This does not always happen if the fluid is contaminated.
Also air in the system will give a very low bite point.
Main thing to check is to see if there is excessive peddle movement before you feel any resistance from the clutch plates. Any more than about 5-10mm movement of the peddle is too much.
A worn clutch shows its self with a High bite point, but a low bite point indicates a problem with the actuating mechanisms.