As April comes to a close, the market is bracing for a series of significant macroeconomic events. The monetary policies 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 US data releases, including first-quarter GDP and March PCE inflation, are scheduled, along with earnings reports from major companies like Visa, Mastercard, Robinhood, and key tech players. According to Markus Levin, Co-founder of XYO, bitcoin is entering the week with substantial momentum around the $78,000 mark. However, the Fed's expected decision to maintain interest rates, coupled with persistent inflation, may reinforce a hawkish tone, potentially causing bitcoin to retreat to the $72,000-$74,000 range in the short term.
Levin also noted that the earnings of tech giants could significantly influence the market trajectory, while developments in the US-Iran talks may impact sentiment through oil and dollar fluctuations.