It depends on people are investing their money into it and how much people are holing the bitcoin in place after buying it. Sometime people will just buy it and then sell it after getting some % of profits. If this selling ratio surpasses the people holding the bitcoin then it will obviously change the matte situation and most probably bitcoin will go down.

The same is true for the reverse case, if people are holding bitcoin with full confidence for example, the current situation where we are seeing how people are holding the bitcoin and the prices are standing firm at or around 10K USD. This wouldn't have been possible if the unity was not there.

These are really affecting factors after those common factors like, demand and supply of the bitcoin. But the above reason I mentioned are the limiting factors really.