As April comes to a close, the markets are bracing for a multitude 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 slew 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 several tech giants, whose results may 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 mark. However, the Federal Reserve's expected decision to maintain unchanged interest rates, coupled with persistent inflation, may reinforce a hawkish tone, potentially causing bitcoin to retreat to the $72,000-$74,000 range in the short term.
Levin also emphasized that the earnings reports of tech giants will be a crucial indicator, given their significant influence on equity markets, while developments in the US-Iran talks will impact sentiment through oil and dollar movements.