Bitcoin is vulnerable to a deep pullback because of the historical significance of the $10,500 price level. Every time BTC has come close to rising above it since the third quarter of 2019, it has rejected to below $7,000.
The crypto market tends to drop alongside the stock market. Researchers have pointed out the price of Bitcoin was struggling to see until stocks moved. Hence, the weak technical structure of Bitcoin combined with its tendency to see a sharp drop when equities pullback raises the probability of a prolonged correction in the near term.