As April comes to a close, the markets are bracing for a multitude of significant 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 - are expected to be announced this week.
Additionally, a slew of key US data releases, including first-quarter GDP and March PCE inflation, are scheduled, along with earnings reports from prominent companies such as Visa, Mastercard, Robinhood, and major tech firms. These developments have the potential to either bolster or disrupt 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 anticipated persistence of inflation could lead to a hawkish tone from the Fed, 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 reports, which could significantly influence the market trajectory, as well as the ongoing US-Iran talks, which may impact sentiment through oil and dollar price movements.