Yes, the price of bitcoin is determined by the buyers and sellers. If more people buy bitcoin or in a way that more money follow into bitcoin, the price will increase. But if more money flow out BBY selling bitcoin, the price will fall.
then does it mean that if everyone take a pause from buying or selling for like a week or more
This is not possible, anything that will make the buying and selling of bitcoin completely pause for like a week probably means bitcoin is dead already.
Although if the buying and selling pause, that means the price will also pause.