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 financial institution cited environmental concerns.
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.
Wednesday's Fed policy statement is likely to see a binary market reaction.
Bitcoin holders elsewhere could suck up all the dollars in El Salvador "like a vacuum cleaner."
John Collison said all approaches to cross-border transactions, including crypto, need to be pursued in "parallel."
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.
New functionality allows users to email crypto assets to people who don’t use the app.
The Fed's dot plot may show rate hikes before end-2023 versus the March projections that signaled none until 2024, one analyst said.