Well this was true when bitcoin's price was below the 10k but after bitcoin has gained a lot of popularity and everyone started using it as an investment and way to make quick profit by trading it, it has become largely influenced by news, sure on the long term it is still on the rise but most people don't have a long term vision for it and they want short term investments that make them profit because no one knows what the future holds, so people go about investing based on news like we saw with Elon Musk and Tesla and Even with the Chinese government banning mining.
What made bitcoin more popular is the news that institutional investments are coming in, which means big companies are buying bitcoin and holding it, people are hyp because they believe that in the future it will result in massive adoption and demand just continues from the investors.
There's no huge demand yet on the usage as bitcoin is not instant and transaction fees are not cheap, but hopefully, in the future, it will be able to provide the requirements to make this a more competitive currency, especially for micro transactions
