Upside momentum has been weak, which means the corrective phase from May is not yet complete.
"The data show HODLers are buyers here," one research firm noted.
The U.S. central bank also increased estimates of coming inflation to 3% from the 2.2% projection in March, largely due to transitory factors.
The Bitcoin network's processing power could rebound if miners relocate to other locales, one analyst predicts.
This was a significant increase from the 2.4% officials were predicting in March.
Wednesday's Fed policy statement is likely to see a binary market reaction.
Some analysts are optimistic while others prefer to see stronger signs of upside momentum before calling a bottom.
The results are up six percentage points from last month’s data, indicating sentiment on Wall Street has turned more bearish.
Open interest rose to $13.1 billion after being in the $10.5 billion to $13 billion range.
The trend shows how some savvy crypto traders have pivoted to salvage or maintain returns even as bitcoin's price tumbled.
The Fed's dot plot may show rate hikes before end-2023 versus the March projections that signaled none until 2024, one analyst said.
However, the short-term trend is improving as the daily chart advances from oversold levels.
Polygon’s cheaper transaction costs and faster block time have driven increased adoption by a number of major projects.