Bears went on a fishing expedition which failed. They dumped into thin books, trying to pressure the market down by making new lows. Buyers snapped price back like a rubber band, driving price right back where it came from. That squeezed the bottom shorters, who are scrambling to close their losing shorts now. This kind of action is called a "short squeeze."
In reality what happened is, some idiots tried to influence the price, fucking failed. Some whale or a bull didn't want the dip to be a success so he risked his money. Or people just collectively came together and bought bitcoin(yeah right!).
I really do not see that as a big deal either and before we can even start changing our sentiments towards being bullish, I guess we will just have to be fearful of the market movement within this period. We are still not able to break the most importance resistances so far, to be able to even change the sentiment towards bullish yet, and all we have now is the bears being rejected.
At this stage, it could even be a dead cat bounce as the bears may still want to strike again. Let's see what time gives us at the end of it all. Honestly this recovery was some scary move though, but it is nothing new. Such scenarios have happened in the past and it is just a way of the bulls telling the bears, no way down for now.
Now, that is still not certain how things would be like after now, since I thought such move, could drive it back up to maybe above $7k and close above it to really bring a huge bullish sentiment, but time will give us that answer. It was a good recovery, and an unexpected one I must say, sorry to those who got their shorts squeezed.
