Bitcoin stalls below $80,000 as yen strengthens near 153 per dollar

Bitcoin (BTC) failed to reclaim the $80,000 level on Wednesday, slipping about 0.4% as market focus shifted to the Japanese yen and rising geopolitical tension.

Geopolitical and commodity backdrop

U.S. strikes on Iranian oil tankers pushed crude prices higher, with Brent crude trading above $101 per barrel and WTI crude above $96 per barrel, marking three‑month highs. The escalation added pressure to risk assets, including Bitcoin.

Yen strength and carry‑trade concerns

The Japanese yen rose to around 153 per dollar, its strongest level since February, gaining roughly 6.5% since the start of August. Bloomberg data cited by Barchart showed yen short positions exceeding 5 trillion yen, near record levels.

Analysts noted that the yen’s appreciation could trigger an unwind of the yen carry trade, especially ahead of the Bank of Japan’s expected 0.25% rate hike on September 28.

U.S. Treasury remarks

U.S. Treasury Secretary Scott Bessent reiterated the possibility of future yen interventions, stating he has “asymmetric information” about Japanese policy actions. His comments were interpreted as a warning to traders holding short yen positions.

Impact on Bitcoin

With the yen strengthening and oil prices climbing, Bitcoin’s upward momentum stalled, leaving the cryptocurrency below the $80,000 threshold and testing support around $78,300.