Ahead lies a busy week on the US economic calendar, with a focus on PCE inflation data that could influence monetary policy.

Despite signs of recovery in the crypto markets over the weekend, upcoming economic events in the United States could reignite momentum for bearish trends.

Tuesday will bring the release of new home sales figures, while April's S&P Global Manufacturing PMI and S&P Global Services PMI preliminary readings will also be revealed. These reports provide insight into business conditions in key sectors of the economy.

On Thursday, the preliminary estimate for Q1 GDP Growth Annualized will be released, with the Atlanta Fed predicting a slight increase to 2.9%. And on Friday, the Core Personal Consumption Expenditures (PCE) report, an important gauge for inflation, will reflect consumer spending for the period.

In addition to these economic indicators, around 20% of S&P 500 companies, including Microsoft and Alphabet (Google), will report their quarterly earnings this week, influencing market sentiment.

The crypto market saw a return to the $2.5 trillion market cap level over the weekend, with Bitcoin leading the way following its fourth halving event. Ethereum also made gains, while altcoins like LINK, NEAR, and DOT showed impressive increases.

Market volatility is expected later this week if the PCE figures deviate significantly from expectations.