No doubt it is still demand and supply that force Bitcoin's price up high.
It was only back in pre-2011 that demand was too low but supply was in surplus and the price was down in 3 digit figures. Today the demand is everywhere so much so that some governments have been forced to take strict measures to control the trading and investment activities of their citizens.
Shills will also trigger a temporary pump just like what Elon Musk did a couple of months ago but the demand is increasing day by day plus those FOMO.
The Musk induced pump was timed well, with a number of institutions buying crypto and making headlines the pump remained and although I was thinking that price would quickly drop after this millionaire shut his mouth, it did not because of the Paypal backing. Therefore the market is currently between bullish-to-steady.
So even though institutions help in moving the market, it remains use-able to everyone, albeit not affordable to everyone at this price anymore.