supply and demand is the silly lessons that are taught in highschool.. real economics of trading goes alot deeper and broader then that and has many other factors involved
for instance there are market manipulators that do arbitraging to set walls of resistance and support to keep the price in a narrow window range no matter the supply or demand of real trade
for instance the whales when they have their sell order of BTC sold for USD, they instantly use that USD to buy ETH and then instantly sell ETH for BTC to then put the same funds back as a BTC sell order. thus creating a wall that can never be penetrated because the order price refills with coin, so no matter how many buyers there are, the sell wall resists being emptied to allow the price to go higher
whats also worth noting is that although there is like 2m+ coins in CEX's combined spread over a dozen CEX, meaning each cex has ~150k coin average.. the actual order lines of a market order book are not filled with thousands of coins per line. most order lines near the purchase price that change a price by a few dollars are only 0.01btc or less. meaning the real 'trade' participation per second is small amounts and so its the whale wall support and resistance orders at the window edge that control if the price will pass a certain amount(as explained initially)
further to note. when one exchange sees a significant move, the others respond to take advantage and arbritrage across the exchanges using stable coins to balance out the btc/usd of each other which is why all exchanges stay inline with each other
so basically although you think there is XX trade volume of real supply/demand trading. its only about 10% real supply/demand. the rest is techniques to control the price and balance out the differences between exchanges to keep the price inline
whales only cancel the wall orders to allow free-flow of coin to move the price when whales want it to..
most of the time they do it when they had their fill of buys and then want the price to increaseso they can then sell for profit. this happened alot in the 'futures options' days of 2019-2023(before ETF's) but now the energy of the futures has decreased and now the whales seem to control the price to stop it going over $75k so they can buy cheap and hoard for ETF before next years free flow to a new super ATH