U.S. Treasury yields surge past 5%, this is the biggest "invisible killer" of a bull market

Many people focus on prices but overlook the real variable—interest rates.
It’s not as conspicuous as candlestick charts, but it’s more damaging.
Because it directly affects the "cost of money."
When the cost of capital rises, leverage contracts, and speculation cools down.
What does this mean for the market?
Simply put:
Rising will be more difficult, and falling will be faster.
Especially in high-level zones.
Because once sentiment shifts, the speed of capital withdrawal can be very rapid.
But this doesn’t necessarily mean a bear market is coming.
More likely—
The market enters a phase of “healthier but harder to make money.”
In summary:
Interest rates are the invisible hand, but they determine the market’s height. #美债收益率破5%