Crypto traders are rallying in anticipation of a market surge after the US Federal Reserve held interest rates steady at 3.5-3.75% on Wednesday.
Social sentiment spiked from 9 to 71 on platforms like X, with participants linking the Fed’s pause to potential Bitcoin gains. Traders expect a relief rally, especially as the bearish price reaction to no rate cuts already occurred.
Bitcoin rose 3.56% over the past month but fell 4.35% in the last 24 hours, trading at $70,790. Analyst Willy Woo cautioned that a 'bull trap' may be forming-a false uptrend ahead of a reversal.
Meanwhile, Matthew Hyland predicts a significant crypto rally once the S&P 500 stabilizes, following a 3.73% decline over 30 days. The Crypto Fear & Greed Index returned to 'Extreme Fear,' reflecting ongoing market hesitation.