Bitcoin Fails to Reclaim $80,000 as Yen Strength Eases Carry Trade Risks

Bitcoin (BTC) struggled to surpass the $80,000 level on Wednesday, recording a 0.4% decline amid macroeconomic headwinds, including rising geopolitical tensions between the U.S. and Iran that pushed Brent crude oil prices above $100 per barrel. Meanwhile, the Japanese yen has strengthened, with the USD/JPY exchange rate hovering near 153, its highest level since February. With record-high yen short positions and the Bank of Japan's upcoming rate hike meeting on September 28, investors are concerned about potential mass unwinding of yen carry trades.