Market Wrap: Bitcoin Bounces After Fed Decision; Analysts Expect Sideways Trading

Market Wrap: Bitcoin Bounces After Fed Decision; Analysts Expect Sideways Trading
Bitcoin bounced toward $49,000 on Wednesday as traders reacted to the U.S. Federal Reserve’s decision to accelerate its stimulus withdrawal. Some analysts suggested the Fed decision was already priced in, which means some traders already sold long positions, which created attractive price levels for short-term buyers.The central bank will reduce its bond purchases by $30 billion every month to wind them down early next year, twice as fast as the current pace of withdrawal of $15 billion every month. Some crypto investors say the $120 billion-a-month program helped to bolster bitcoin’s appeal as an inflation hedge, CoinDesk’s Brad Keoun wrote.For…