As April comes to a close, the market is bracing for a series 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 range of key US data releases, including first-quarter GDP and March PCE inflation, are expected, along with earnings reports from major companies such as Visa, Mastercard, Robinhood, and prominent tech firms.
These developments could either bolster or shift the current market tone. According to Markus Levin, co-founder of XYO, bitcoin is entering the week with substantial momentum around the $78,000 mark. However, with the Fed anticipated to maintain unchanged rates, persistent inflation might reinforce a hawkish tone, potentially causing bitcoin to retreat to the $72,000-$74,000 range in the short term.
Levin also emphasized that tech giants' earnings could significantly influence the market trajectory, given their considerable impact on equity markets. Furthermore, the progress of US-Iran talks is likely to shape sentiment through oil and dollar movements.