Yep. When you die, the previous bloodstain is wiped, and a new one is made containing the amount of souls\humanity you were carrying at time of death.
Another note- having a humanity in your counter increases your chance of finding items when you kill a monster, as well as your defense. Having 1 humanity up gives you a very notable increase over 0. I'd recommend trying to keep 1 up there if possible... not worth it if you are dying tons and will loose the bloodstain regularly though.