As April comes to a close, the market is bracing for a multitude of significant macro events. The interest-rate policies of four major central banks - the Bank of Japan, the US Federal Reserve, the European Central Bank, and the Bank of England - are set to be announced this week. Additionally, a slew of US data releases, including first-quarter GDP and March PCE inflation, are slated to come out, alongside earnings reports from major companies such as Visa, Mastercard, Robinhood, and prominent tech firms.
These reports could either bolster or undermine the current market sentiment. According to Markus Levin, Co-founder of XYO, bitcoin is poised to start the week with substantial momentum around the $78,000 mark. However, if the Fed maintains its current stance on interest rates and inflation persists, it 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 that the earnings reports of tech giants could significantly impact the market, given their considerable influence on equity markets. Moreover, developments in the US-Iran talks are likely to shape market sentiment through fluctuations in oil prices and dollar movements.