Just like gold, in fact, during a recession and bank failures Bitcoin may just perform very well, because it has limited quantity, it is decentralized, and it is relatively decorrelating from traditional financial markets.
You've just answered the question yourself OP, During the COVID-19, the world experience economic challenges, there was less productivity, there was less import and export, in fact in recent times, that has been one of the greatest challenge humanity has faced across the globe simultaneously, yet Bitcoin was still able to strive and flourish, so Bitcoin will graciously survive any economic situation, the Decentralized nature of Bitcoin has always been the ground breaking advantage.
On a few days or weeks maybe? But people realized that they can't be like this forever, so they also start finding ways to become productive or profitable again. The online world have helped a lot of people. Thanks to it. The economy have improved more the moment Covid have ended (obviously) but yeah, Covid leaves a deep mark to us and it was considered as one of the greatest challenge humanity has ever faced. BTC is digital, decentralized, and has other unique features. That makes it withstand certain problems. Also thanks to our continuous support because without us, I don't think BTC can stand on its own.