The current 10-year U.S. Treasury yield is at the end of a large converging triangle consolidation pattern, and in the coming weeks, it will face a critical point for a directional breakout, with the 4.6% level forming a key resistance. From an asset correlation perspective, a rise in U.S. Treasury yields will directly suppress U.S. stock valuations; Bitcoin, as a high-volatility risk asset, tends to follow the downward trend rather than rise with the stock market. Changes in the interest rate environment will become one of the key variables influencing its movement.