I guess you've never seen a real Bitcoin shakeout or capitulation. Check out the Silk Road crash in October 2013, or the January 2015 crash. This is nothing compared to those.


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."