Preheat your oven to 350°F (175°C) and grease a 9x5-inch loaf pan.
In a large bowl, whisk together the flour, baking powder, baking soda, salt, cinnamon, and nutmeg.
In another bowl, cream together the softened butter and sugar until light and fluffy. This will take about 3-4 minutes using an electric mixer or a whisk.
Add the eggs one at a time, beating well after each addition. Then mix in the orange juice and orange zest until fully combined.
Gradually add the dry ingredients to the wet ingredients, mixing just until no streaks of flour remain. Do not over-mix!
Gently fold in the chopped cranberries and walnuts (if using) until evenly distributed.
Pour the batter into the prepared loaf pan and smooth the top with a spatula.
Bake in the preheated oven for 55-65 minutes, or until a toothpick inserted into the center comes out clean.
Allow the bread to cool in the pan for about 10 minutes, then transfer the bread to a wire rack to cool completely.
For the glaze, combine the powdered sugar and enough orange juice to achieve a drizzling consistency.
Once the bread is cool, drizzle the glaze over the top for a sweet finish.
Notes
Slice the bread and serve it on a pretty platter with fresh cranberries and orange slices for garnish.