My understanding there are 2 partitions involved /boot and /. For the initramfs file it placed in /boot and this partition usually (and should not) encrypted. The / where all system files (I guess for your case) are encrypted.
When the system booting, it run from /boot/efi/EFI/fedora/ directory then go to /boot/ directory where the initramfs placed. After that it will try to access and preparing the system using files from /.
The problem I guess all the bluetooth configuration are placed under / which are encrypted. May be the modules can load earlier but not the configuration or services.
It will different if the bluetooth connection are managed by BIOS, but as far as I know I never heard about BIOS managing bluetooth connection like BIOS managing for example USB connection.