As April comes to a close, the market is bracing for a series of significant 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 - are expected to be announced this week.
Furthermore, a range of US data releases, including first-quarter GDP and March PCE inflation, are slated to come out, alongside earnings reports from prominent companies such as Visa, Mastercard, Robinhood, and major tech firms. These developments have the potential to either bolster or undermine the current market tone. According to Markus Levin, Co-founder of XYO, bitcoin is poised to start the week with substantial momentum, hovering around the $78,000 mark. However, the persistent inflation could lead to a hawkish stance, potentially causing bitcoin to retreat to the $72,000-$74,000 range in the short term.
Levin also emphasized the significance of tech giants' earnings, as they can greatly influence the equity markets and, by extension, the crypto market. Additionally, the ongoing US-Iran talks are likely to impact market sentiment through fluctuations in oil and dollar movements.