The utility of bitcoin has been decreasing as transaction fees increase, and yet BTC price rose massively in spite of this. I understand it is difficult to understand the exact cause behind the price movements, but still I think we can narrow down the changing parameters if not understand the whole driving force.
To be a way of payment is not the only utility of Bitcoin. Many use it as store of value or as speculative/investment asset. And for that the transaction fees don't matter much.
Of course, since it's an unregulated market, manipulation with FUD (with news, with spam with extreme trust or negativism on forums), bots, maybe even pump and dump (at banks/states level) can be some "recipes" for what happens on the market.
Also, the extremely fast growth calls for correction now and then.