I don't even try to make sense of bitcoin trends anymore. You might as well try to interpret shapes is clouds. Bitcoin has been in an upward trend since early September for no discernible reason (to me at least).
I think it's mainly due to purchases from institutions that believe that Bitcoin is a safe haven asset during the lockdowns. The spiel is: it's protection from currency debasement due to Central Banks everywhere printing out at low interest rates for the pandemic.
- Square spread 50MUSD worth buys @ 10K USD early October [1]
- Microstrategy spread 425M buys from 9-10K USD around August - September [2]
[1] https://www.cnbc.com/2020/10/08/square-buys-50-million-in-bi...
[2] https://www.forbes.com/sites/christopherbrookins/2020/08/14/...