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People buying themselves a position into Bitcoin can indeed lead to a higher price, so in that regard it makes sense. But don't forget that this market is being controlled by certain groups of very wealthy (mostly Chinese) traders, with high stakes in the mining industry. Even if the price doesn't go up by legit demand as in more people buying Bitcoin, these traders will make sure the price remains on a certain (profitable) level for them. In that aspect, not everything is always what it seems to be.
People buying themselves a position into Bitcoin can indeed lead to a higher price, so in that regard it makes sense. But don't forget that this market is being controlled by certain groups of very wealthy (mostly Chinese) traders, with high stakes in the mining industry. Even if the price doesn't go up by legit demand as in more people buying Bitcoin, these traders will make sure the price remains on a certain (profitable) level for them. In that aspect, not everything is always what it seems to be.
if bitcoin price wants to go down. it will go down and there is nothing any whale or whales can do about it. in other words there should be real demand to keep the price up. and yes these whales can do some manipulation to prevent panic selling temporarily the same way they can create panic sells temporarily but they keyword here is "temporarily".
and the fact that price stayed up and rising slowly shows that there is real demand for it.