Crypto traders eye ‘bullish relief rally’ after Fed holds rates steady

Expectation of a relief rally came despite a widely used crypto sentiment indicator falling back into “Extreme Fear” on Wednesday.

Crypto traders have become hopeful for a market rally after the US Federal Reserve held interest rates steady on Wednesday, according to crypto sentiment platform Santiment.

However, analysts are split on whether a near-term market surge is a reliable signal for traders.

“For now, traders are expecting a bullish relief rally in spite of no changes being made,” Santiment said in an X post on Wednesday, pointing to an increase in bullish sentiment among crypto market participants on social media who are linking the Fed’s steady rates to a potential crypto rally.

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