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The 10-year US Treasury yield has touched 5.2%, and the 30-year yield has reached 5.46%, both hitting multi-year highs. The 30-year fixed mortgage rate has also climbed to 7.45%. This rise in long-term yields is not a short-term fluctuation; the bond market is repricing. The reason is straightforward. The Federal Reserve has resumed rate hikes, with the market expecting another increase in October, naturally pushing US Treasury yields higher. More importantly, the Treasury continues to issue debt, with the deficit growing larger and supply increasing, so buyers demand higher returns. Coupled with inflation not fully subsiding, long-term yields cannot come down. The Treasury's expansion of buybacks can only improve liquidity but cannot change the fundamental supply-demand imbalance. This is a real pressure on risk assets. Rising financing costs make borrowing more expensive for companies, mortgage rates increase, and the real estate sector is under pressure. Stock valuations are compressed, with high-valuation tech stocks hit first. BTC is no exception; in a high-interest-rate environment, the opportunity cost of holding non-yielding assets is too high, and funds prefer to earn interest in bonds. In the short term, BTC faces resistance around 85,000, with strong resistance between 87,000 and 88,000, and short-term support at 84,000. US Treasury yields are suppressing it, limiting rebound potential. From an operational perspective, avoid chasing highs; wait for a pullback to confirm support or wait for a clear direction in long-term yields. At this stage, watching more and acting less is better than acting recklessly. #美债长端利率持续攀升，融资压力升温 $BTC $ETH $ZEC