What actually matter is not the actual price, it's the trend.
If the price is stable or rising, the adoption increases. People and businesses get more confident in bitcoin and start using it. More miners start up their gears.
If the price is falling, people get scared / suspicious and will go away from bitcoin.
But the trend you are pointing is made possible by the price of bitcoin. I get your point that the development of bitcoin depends on the support of the community which is equal to what you called the trend. It is much more dependent to each other i guess because the sudden move in the market stock make changes on the development of the price of bitcoin in order for a wider development for its transaction and security. So for me it matter as well as the support of the bitcoin matters in its development.