NO. Germany can't give in because Greece and everyone else will make more demands. Market jumped up because it is heavily manipulated by hedge funds who can't afford a big selloff right now. All the institutions would be selling starting at 3:00 pm.
There's been no indication whatsoever that it was a bluff and the EU will offer a better deal. Cyprus is playing chicken with the EU. In some ways that should be considered even more bearish, because now everything is up in the air instead of set. But it doesn't matter. An announcement was made that something changed, and that's automatically interpreted as bullish, because everyone is accustomed by now that everything is spun as bullish. "Don't ask questions. There was bad news, and now something is different, so don't analyze it, just hurry up and buy before everyone else does."