Bitcoin fails to reclaim $80K as Bessent fuels yen strength around 153 per dollar

Bitcoin struggled to sustain gains below the $80,000 mark as broader market sentiment turned cautious on Wednesday. Data from TradingView showed BTC/USD losing the local upside it had built while US equities also drifted lower after fresh US strikes on Iranian oil tankers increased geopolitical risk. The attacks helped push crude prices higher, with Brent crude topping $101 per barrel and WTI trading above $96, adding to risk-off pressure that typically weighs on speculative assets. Traders said the jump in oil compounded fears about tighter global growth prospects and reduced appetite for higher-risk positions. Attention also centered on the Japanese yen, which strengthened to levels around 153 per dollar — its strongest showing since February — and was described in the report as up roughly 6.5% since early August. That move came even as yen short interest remained near record levels, with total short positioning above 5 trillion yen, raising the prospect of a rapid, self-reinforcing unwind of carry-trade leverage. US Treasury Secretary Scott Bessent reiterated hints that Washington could support interventions in the yen, saying he had deep insight into Japanese policy decisions and implying readiness to act. Market strategists including Charu Chanana of Saxo warned that further yen gains, and an anticipated 0.25% Bank of Japan rate rise at the Sept. 28 meeting, could accelerate reductions in yen short positions and influence liquidity conditions that matter for crypto and other risk assets.