As April comes to a close, the markets are bracing for a busy week ahead, with multiple macro events set to unfold. 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 - will be closely watched.
Additionally, a slew of key US data releases, including first-quarter GDP and March PCE inflation, are scheduled, along with earnings reports from major companies such as Visa, Mastercard, Robinhood, and several prominent tech firms, which could significantly influence the current market tone. According to Markus Levin, Co-founder of XYO, bitcoin is entering the week with substantial momentum around the $78,000 level. However, the expected unchanged interest rates from the Fed, coupled with persistent inflation, may reinforce a hawkish tone and potentially lead to a short-term pullback in bitcoin to the $72,000-$74,000 range.
Levin also emphasized the importance of tech giants' earnings reports, as they could either reinforce or challenge the current market trajectory, given their significant influence on equity markets. Furthermore, developments in the US-Iran talks are likely to impact sentiment, particularly through oil and dollar movements.