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!). 
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.
The bears should maybe give up. They are wasting money at this point, the bulls will not let bitcoin go under $6k which is allegedly the average global cost of mining. The damn bears are trying hard to cause panic selling into $3k area but it may not happen.
These sitting on the sidelines right now waiting with fiat for a perfect entry point may kick themselves when they realize they were sitting already on the right spot but they weren't buying, they were victim of the "always waiting for the next lower price" mentality.
