As April comes to a close, the markets are bracing for a series of significant macroeconomic events. The monetary policy decisions of four major central banks - the Bank of Japan, the US Federal Reserve, the European Central Bank, and the Bank of England - are expected to influence the market trends. Additionally, a slew of US economic data, including first-quarter GDP and March PCE inflation, will be released, along with earnings reports from prominent companies such as Visa, Mastercard, Robinhood, and major tech firms. These developments may either bolster or undermine the current market sentiment.
According to Markus Levin, Co-founder of XYO, bitcoin is entering the week with substantial momentum around the $78,000 level. However, the persistence of inflation could lead to a hawkish tone, potentially causing bitcoin to retreat to the $72,000-$74,000 range in the short term.
Levin also emphasized the significance of tech giants' earnings, as they can either reinforce or challenge the current market trajectory, given their considerable influence on equity markets. Furthermore, the ongoing US-Iran talks are likely to impact market sentiment through fluctuations in oil prices and dollar movements.