As April comes to a close, the markets are poised for a busy week with multiple macro events on the horizon. The monetary policies of four major central banks - the Bank of Japan, US Federal Reserve, European Central Bank, and Bank of England - are set to be announced, which may significantly influence the global economy.
Furthermore, a range of key US data releases, including first-quarter GDP and March PCE inflation, are scheduled, alongside earnings reports from prominent companies such as Visa, Mastercard, Robinhood, and major tech firms. These reports could 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 mark. However, the prospect of persistent inflation, despite the Fed's expected decision to maintain interest rates, may 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 importance of tech giants' earnings, given their considerable impact on equity markets, and the US-Iran talks, which could shape market sentiment through fluctuations in oil prices and the dollar.