As April draws to a close, the markets are bracing for a significant array of 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 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 major companies such as Visa, Mastercard, Robinhood, and prominent 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 entering the week with substantial momentum around the $78,000 mark. However, the Federal Reserve's anticipated decision to maintain interest rates, coupled with persistent inflation, may reinforce a hawkish stance, potentially causing bitcoin to retreat to the $72,000-$74,000 range in the short term. Levin also noted that the earnings reports of tech giants could serve as a crucial indicator, given their significant influence on equity markets, while the trajectory of US-Iran talks will impact sentiment through oil and dollar movements.