No the terms lowest, lower, low, highest, higher and high when refering to bits usually refer to the bits position in the byte, word or register, not its current value.
The bits value is normally referred to as 1, set and true or 0, clear and false.
It is important to know which is the lowest, and by implication which is the highest bit in the register. bits are normally numbered from right to left starting at zero so for your 8 bit register
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Bit Number 76543210
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Bit Value 01101010
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But you will need to refer to your hardware technical specification or data sheet in order to find out which is the highest and lowest bit and therefore how to access them. There is no absolute standard although commonly bit 0 is the lowest bit.