Bitcoin slipped further on Thursday, trading at $78,299 as a mix of geopolitical tension, rising yields, and yen carry-trade fears kept buyers on the sidelines.
The drop came as U.S.-Iran hostilities intensified. Iran said it struck 10 ships near the Strait of Hormuz. The U.S. responded by sinking five Iranian oil tankers. The exchange rattled markets and pushed oil prices sharply higher.
Brent crude climbed above $101 per barrel for the first time since late July. WTI also rose, trading above $96. Higher oil prices stoke inflation concerns, which in turn put pressure on interest rate expectations.
10-year U.S. Treasury yields hit a three-year high after a U.S. Treasury buyback of longer-dated bonds failed to gain traction. Higher yields make speculative assets like Bitcoin less attractive to investors.
Bitcoin has historically underperformed during Federal Reserve rate hike cycles, and the current macro backdrop is raising fresh concerns about tighter monetary policy ahead.
The Japanese yen added another layer of stress. It hit its strongest level against the dollar since February, now trading at $0.0065, up 6.5% since August.
Short positions on the Japanese Yen remain near the largest in history 🚨 🚨 pic.twitter.com/YT2GUO0XdA
— Barchart (@Barchart) September 9, 2026
Record yen short positioning — hovering above 5 trillion yen — puts these traders at risk if the yen keeps strengthening. Charu Chanana, chief investment strategist at Saxo, told Reuters that a rapid unwind could hit liquidity conditions across markets, including crypto.
U.S. Treasury Secretary Scott Bessent hinted this week that more yen intervention could be coming. Speaking at Southern Methodist University, he said: “When we intervene with the Japanese yen, I have pretty good insight into what the Bank of Japan is going to do… I have asymmetric information. I am the house now.”
The Bank of Japan is expected to hike rates by 0.25% at its September 28 meeting, which could accelerate a carry-trade unwind.
Crypto analyst Ali Charts noted on X that Bitcoin whale holdings have stayed flat at around 5.23 million BTC for the past week. He said large holders appear to be waiting for the upcoming CPI report and FOMC meeting before making their next move.
BITCOIN WHALES ARE WAITING!
Bitcoin whale holdings have remained virtually unchanged at around 5.23 million $BTC over the past week.
That suggests large holders are staying on the sidelines as they await the upcoming CPI report and FOMC meeting before making their next move. pic.twitter.com/SvJGBeybnt
— Ali Charts (@alicharts) September 9, 2026
Analyst Ted Pillows flagged that Bitcoin just printed a golden cross on the daily chart, but warned that spot demand is declining. He said a weekly close above $83,000 would be needed to set up a potential move toward $100,000.
$BTC just had a golden cross on the daily timeframe.
But the spot demand is declining.
If Bitcoin manages a weekly close above $83,000, a pump to $100,000 could happen this year.
I’ve got a special deal for my community: trade with me and get a $25 bonus when you trade $50:… https://t.co/9xlZ1TJShL pic.twitter.com/o9ahkKnHIP
— Ted (@TedPillows) September 8, 2026
Bitcoin is currently down around 0.4% on the day and has failed to reclaim the $80,000 level.
The post Bitcoin (BTC) Price: Falls Below $79K as Iran Conflict and Rising Yields Pressure Crypto Markets appeared first on CoinCentral.
