It seems that during these times of turmoil, Bitcoin's prices are increasing at a slow and steady rate. Since the mainstream economy has been on a downfall, people have been resorting to Bitcoin as a store of value.
How can you call it slow and steady if we went from $10k to now $13.7k in a matter of days? And before that the price was largely stagnant for months and even mimicked small movements of the stock market. Also, there's no evidence that regular people turned to Bitcoin en masse, and that the price boost is caused by that.
What's happening now is just the usual Bitcoin speculation. In 2019 we also reached $13k, without any pandemics or other possible explanations.
What would be the right thing to do during COVID-19?
Covid doesn't change anything here. There's never a right or wrong answer to "spend or hodl", because no one can predict the future movements of Bitcoin.