As April comes to a close, the markets are 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 - will be closely watched. Additionally, a range of key US data releases, including first-quarter GDP and March PCE inflation, are scheduled, along with earnings reports from major companies such as Visa, Mastercard, Robinhood, and several prominent tech firms, which could either bolster or undermine 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, Levin notes that while the Fed is anticipated to maintain unchanged 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 emphasizes the importance of tech giants' earnings as a crucial indicator of the market's trajectory, given their significant influence on equity markets.
Furthermore, developments in the US-Iran talks are expected to impact sentiment through fluctuations in oil and dollar movements.