So here's the catch, there's a mechanism already put in place by Satoshi to reduce the amount of bitcoin coming into circulation every four years which one w called block halving. Coincidentally this years halving collided with the pandemic which brought about an increase in the demand of bitcoin as individuals were looking for alternative to invest in as bet against an economy meltdown that was predicted.

We also have other factors that are contributing and it mainly has to do with the US company buying into the idea of owning bitcoin as reserved investment. Paypal also jumping on the trend to bring about the offering of bitcoin service to their hundreds of millions customer is also having an impact on the market as this bullish news are increasing the demand of bitcoin while the supply is getting scared.