As April comes to a close, the market is poised for a significant week ahead, marked by crucial macro 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 - will be closely watched.
Additionally, a slew of key US data releases, including first-quarter GDP and March PCE inflation, will be unveiled, alongside earnings reports from major companies such as Visa, Mastercard, Robinhood, and prominent tech firms. These developments have the potential to either bolster or undermine the current market tone.
According to Markus Levin, Co-founder of XYO, bitcoin is entering the week with considerable momentum, but the persistence of inflation could lead to a hawkish stance, 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 and the US-Iran talks in shaping market sentiment, particularly through oil and dollar movements.