what you actually find is that. the price is affected by hashrate and also blockhalving(that affect miners costs)

in 2013 when asics first came online the price went __/ shifting the 'value window' up to levels where people thought its worth buying bitcoin at higher prices before previous due to the new higher costs of mining are more expensive/inconvenient to mine.

when hashrate drops and cheaper to mine because less people share bigger parts of the reward the price goes down
in 2021 when china banned mining the hashrate went down from 165exa to 90exa. and the price ^---\

..
yes in some expensive hobby mining scenarios of little guys they choose to switch miners off after a price dip(react to price within window). but for the large mining farms. they continue to mine and they affect the window.

all of which fit into the relationship between the speculative price and the value window.
the price within the value window speculates up and down between the min and max value depending on the emotion of individuals. but the value window itself(currently $30k-$70k) is set by the mining cost/cost of acquisition

cheapest mining at 4cent/kwh is $30k bottom value. and most expensive(germany/japan) at 32cent/kwh is $70k

all emotional speculation of price volatility sit within this value window