Bitcoin maintains stability around the $71,000 mark as outflows from the Grayscale Bitcoin Trust (GBTC) resume their upward trajectory. On Thursday, $124.9 million exited GBTC, overshadowing inflows into other bitcoin ETFs such as Fidelity’s FBTC and Bitwise’s BITB. This resurgence in outflows contributes to a weekly total outflow of $227.9 million from all bitcoin ETFs.

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• Bitcoin stabilizes near $71,000 amidst resurgence in GBTC outflows
• $124.9 million exits GBTC, surpassing inflows into other bitcoin ETFs
• Traders anticipate price stability for Bitcoin in April despite GBTC outflow concerns

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Bitcoin Holds Steady Near $71K Amid GBTC Outflows Resurgence

While some market participants speculate that GBTC outflows may exert downward pressure on Bitcoin prices, others remain cautious, attributing the outflows to GBTC’s comparatively higher fee structure. Traders anticipate a period of price stability for Bitcoin in the remaining weeks of April, with predictions suggesting a 60% chance of Bitcoin hitting $75,000 and a 32% chance of reaching $80,000 by month’s end. 

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