I dont think that people are dumping bitcoin right now and it has no connection with the recent price drop, i think its due to some manipulation by group of whales, ive seen this kind of pattern over the past few years but unlike today the price is kinda high.
After observing the graph above,there is also a possibility that the price returns to the area of $10K or even go down until to $8k,regardless of the reason and seeing that graph I would not be surprised either because that happened too, I do not know if in the following days or in the next months.