The Fed has been printing money without an end in site, while Bitcoin is doing the exact opposite. Cutting off its supply by having, (raising interest rates in dollar terms). Making Bitcoin appreciate against the dollar.
There is a fury of people signing up on exchanges - people will buy and ride this out dramatically in the short-run. Take into account the psychological components going into this event. The world is at home, with no distractions, glued to their computer, many without stable sources of income. The FOMO feeling will be exemplified - causing frenzied buying for a currency which at present state appears more stable than the US $.