The future scarcity is one of the reasons the price is being pushed.
People are aware that they are getting cheaper because unlike Fiat it can't be printed from thin air.
Lower doesn't mean much.
Bitcoin strength isn't just because it's supply is limited but it's the closest thing we have to true decentralization.
It's good to see dormant Bitcoin wallets moving after years of inactivity, which means we can have less number of lost bitcoins and more in circulation. The demand and supply always govern the price and in case of Bitcoin the demand is already sky high but the supply is not like fiat, so it's natural that price will go higher with time.
The decentralisation factor is loved and liked by the community but it's not welcomed by big institutes like banks and governments since they want a financial system which they can control and manipulate.