As April comes to a close, the markets are poised for a significant week with multiple macroeconomic 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 range of US economic data is scheduled for release, including first-quarter GDP and March PCE inflation figures, alongside earnings reports from major companies such as Visa, Mastercard, and Robinhood. These announcements have the potential to either reinforce or alter 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 and a potential hawkish tone from the Fed could lead to a short-term pullback in bitcoin's price to the $72,000-$74,000 range.
Levin also emphasized the significance of tech giants' earnings reports, given their considerable impact on equity markets, as well as the influence of US-Iran talks on oil and dollar movements.