As April comes to a close, the markets are bracing for a busy week ahead, with multiple macro events poised to shape the future. 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 slew of key US data releases, including first-quarter GDP and March PCE inflation, will be unveiled, alongside earnings reports from major players such as Visa, Mastercard, Robinhood, and prominent tech companies.
These developments have the potential to either bolster or undermine the current market sentiment. According to Markus Levin, Co-founder of XYO, bitcoin is entering the week with significant momentum around the $78,000 mark.
However, the expected steady interest rates from the Fed, coupled with persistent inflation, may reinforce a hawkish tone and potentially lead to a short-term pullback to the $72,000-$74,000 range. Levin also emphasized the importance of tech giants' earnings, citing their substantial influence on equity markets, as well as the ongoing US-Iran talks, which will impact market sentiment through oil and dollar fluctuations.