Bitcoin Fails to Reclaim $80K as Yen Strength Continues

Bitcoin failed to reclaim $80,000 on Wednesday as investors focused on the Japanese yen's strength against the US dollar. The JPY/USD pair hit its highest levels since February, trading around 153 per dollar.

The yen's gains continued despite speculation that Washington might limit Japan's ability to sell US Treasuries in future interventions. Citing data from Bloomberg, Barchart reported record yen short positioning at the start of September, with over 5 trillion yen held by shorts.

US Treasury Secretary Scott Bessent hinted at further intervention in yen currency markets. He stated that he has 'pretty good insight' into what the Bank of Japan will do and is confident in his ability to intervene effectively.