In my opinion the upward price action is caused by institutional investors' interest in Bitcoin. Some people who were skeptical about Bitcoin recognized it potential only after PayPal announcement.
That's also my opinion, after the announcement and the launching the price started to move up and until now it's moving up there's no letting go ever since that PayPal included Cryptocurrency in their platform, the community sees it as something that will start adoption by small, medium range and big institutions PayPal started the pump.