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Risks stemming from the Middle East conflict are likely to push bitcoin below $60K before the weekend, the report said.

Bitcoin's boring price action, characterized by continued accumulation by small investors, is being attributed to several reasons. including the U.S. election uncertainty and renewed uptick in the U.S. Treasury yields.

The strategy provides a hedge against a potential bitcoin price pullback to $47,000 and costs over $20 million, according to crypto block trading service provider Greeks.Live.

One market observer noted "very concentrated call buying" looking to profit from a rally to between $74,000 and $80,000 by the end of this month.

Order book liquidity indicates how easy it is to buy and sell large quantity at stable prices.

The payments firm now operates in over 100 countries and territories globally.

Strike, the payments application using the Bitcoin blockchain, has launched in Europe, allowing customers to buy, sell and withdraw bitcoin {{BTC}} in the region, it announced Wednesday.

Crypto market capitalization dropped 5% on average as Middle East tensions flared up late Monday, denting growth in risk assets.

Despite sizable net inflows into the new spot ETFs, bitcoin is lower by more than 12% since the products began trading one week ago.