I would go with the rebirth theory, too. In "The Village Where the Witch Lives" (or something like that >.> <.< ... his story in the reverse novel/anime episodes), when he was talking about the lotus, he focused on the fact that it withered but bloomed the next morning again. Though rebirth could be linked to immortality it too, since it considers the soul to be immortal, right?

I noticed the bracelet too(which, actually, is exactly like one I own >.> <.<)! ^_^ But, again, I didn't know the origins. (Again, thanks! You're making me smarter~! XP)