If you can consider these two factors as you've mentioned, they are greatly influenced by the market reaction and news, when there's an ongoing cryptocurrency news and development trending, it causes the market to change hastily within the shortest period because breaking news has a role in making such determination, we can see from the recent experience we had where the news take it to the media on bitcoin ETF application approval to later discover it was fake, though without the influence of breaking news, the market will still remains as volatile as ever and the price will rise and fall.

Just as it has been highlighted above on several causes to this market volatility, the market cap and demand and supply also plays a very important role more than any other factors to influence the market price, there could be more of this interesting aspects of bitcoin market price determination from the speculation board where everything are well discussed concerning bitcoin market price.