The primary reason is usually price action. It was a classic "failure to launch" scenario. Failure to launch = safe to dump.
On the hourly time frame and below, we formed a strong reversal candle and higher high. Aggressive/FOMO traders thought this would create a trend change, but nobody was willing to keep buying above the $10,200 resistance. At the 4-hour time frame, there was no breakout at all.
It's important to note where price doesn't want to go. Clearly price did not want to go up. Once that fact became very obvious, sellers began front running the next leg of the crash.