Bitcoin holds strong at $42 thousand amid ETF flows faces challenges with GBTC outflows

Bitcoin launched into the week of the FOMC meeting with promising exchange-traded fund (ETF) flows and a maintained price action increase over the weekend.

The leading cryptocurrency managed to hold on to $42,000 at the Wall Street's January 29 opening with new ETF outflows kicking off.

Data indicates that the BTC price action kept retreating from local highs of $42,800 that were recorded over the weekend.

Despite having a promising end to the week, Bitcoin encountered familiar challenges as the week began with the resumption of outflows from the Grayscale Bitcoin Trust (GBTC).