As April comes to a close, the markets are poised for a significant week, with multiple macro events on the horizon. 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. Additionally, a slew of US data releases, including first-quarter GDP and March PCE inflation, will be closely watched, along with earnings reports from key players such as Visa, Mastercard, Robinhood, and major tech companies, which could either bolster or disrupt the current market sentiment.
According to Markus Levin, Co-founder of XYO, bitcoin is entering the week with substantial momentum around the $78,000 level. However, with the Fed anticipated to maintain interest rates, persistent inflation could lead to 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 could significantly influence the market trajectory, given their considerable impact on equity markets.
Furthermore, developments in the US-Iran talks are likely to shape market sentiment through their effects on oil and dollar movements.