That's purely a human instict mate, if you only depend to that some trade groups I don't think it's reliable much because you don't know actually how the bitcoin price behave. Furthermore it attracts more demands but sometike loses it's value that's why many were into panic sells. As we can see price falls down, many panic sellers also have rattled decissions and couldn't decise what's better so they are selling at an earlier time and don't care for another pump of the price.