BlockBeats news, September 29: The 10-year U.S. Treasury yield overnight climbed back above 5.2%, hitting a high not seen since 2007, pressuring global risk assets broadly. Bitcoin fell back to around $83,000, while altcoins saw even larger declines. In response, Cloud, Chief Analyst at Huobi HTX, believes this pullback is more akin to a normal retest after a rebound and does not yet constitute the starting point of a trend reversal. Elevated U.S. Treasury yields mainly compress valuations, with limited impact on overall liquidity, and the crypto market's own capital structure and holding costs remain intact. This dip looks more like position clearing ahead of key data releases.What warrants caution is the divergence between Bitcoin and altcoins. During phases of marginal liquidity tightening, capital tends to concentrate in the highest-certainty top-tier assets; altcoins lack incremental capital support and carry heavier leverage, so their drawdowns are amplified. Before this week's PCE and nonfarm payroll data releases, this divergence will likely persist. If the data misses expectations, altcoins will have greater elasticity and higher risk; if the data beats expectations, Bitcoin's relative strength will become more pronounced. Whether Bitcoin can stabilize at key support levels will be the primary signal for judging whether this pullback has ended.Note: The content of this article is not investment advice and does not constitute an offer, solicitation of an offer, or recommendation for any investment product.