Many people wonder how the Bitcoin price is determined. First of all, know that the way Bitcoin price action works is like a currency or other object. Let's take an example of how the price of an object is determined - we can use oranges as a parable.
The answer: depends. The first point of determining the price of oranges is by two things: what price is desired by the person who sells it, and what price is wanted by the person who bought it.

Bitcoin and other currencies are slightly different from oranges because they are 'homogeneous' - one dollar identical to another dollar, like Bitcoin identical to other Bitcoin. Oranges, on the other hand, may differ depending on size and quality. In other words, it is easier to determine the price of Bitcoin or currency because of its identical properties.
Many people do not realize that other currencies also work exactly like Bitcoin - if you are holding a coin or banknote in your local currency in your hands right now, at the same time there are millions of people who sell and buy your local currency, so even if you feel the price of your currency is stable, actually the price is changing continuously. If you want to redeem your money into another local currency, say for USD, today you will probably pay with 10 pieces of your local currency, but on the next day it could be 11 or 9. Bitcoin works exactly like that - you can imagine it like any other kind of currency than what you have right now.