As I read in the news Coinbase observed a significant uptick of deposits exactly by $1200 during the checks distribution time, so it might be similar inflow and add up to bitcoin bull rally.
It actually wasn't significant at all, Coinbase made a very manipulative blog post that hid the absolute numbers and only showed relative increase, but if you calculate the absolute numbers, there was like a few thousand people who probably used their stimulus money on Bitcoin, which obviously won't matter for the price. It's great to theorize how some things can influence Bitcoin, but let's not forget to bring the actual evidence, because otherwise a theory is just a theory.