Bitcoin Fails to Retake $80,000 as Stronger Yen, Oil Surge Sap Momentum

Forecast Trend Report by Period

Bitcoin (BTC) tried to reclaim $80,000, but lost upward momentum as the yen strengthened and international oil prices surged.

Cointelegraph reported on September 9 that Bitcoin was turned back after attempting to retake $80,000 and was down about 0.4% from a day earlier. The retreat came as reports of a U.S. strike on Iranian oil tankers intensified selling across risk assets.

Oil jumped to its highest level in three months. West Texas Intermediate crude rose above $96 a barrel, while Brent climbed past $101, returning to triple digits for the first time since late July. New York stocks also opened lower.

Moves in the yen have also emerged as a key market variable. The Japanese currency traded at around 153 per dollar, its strongest level since February. That represents a 6.5% gain against the dollar since early August. Short yen positions stood above 5 trillion yen as of early September, near a record high, Barchart said, citing Bloomberg data.