Bitcoin, the leading cryptocurrency by market cap, failed to stay above $58,000 on Wednesday, falling more than 2% to $56,700.

Bitcoin peaked above $65,000 on August 25 and has been declining ever since. This decline demonstrates a persistent “sell-up” mentality, often characterized by short, superficial spikes.

Ether (ETH), XRP, TON and other cryptocurrencies also erased Wednesday’s gains and remained largely unchanged on a 24-hour basis, CoinDesk data showed. The CoinDesk 20 Index (CD20), an index that measures the broader crypto market, was last up 0.9%.

This “rise to sell” trend is thought to stem from concerns about rising recession risks in the United States. “Economic reports increasingly highlight that the risk of recession should not be ignored,” said Valentin Fournier, an analyst at digital asset consultancy BRN.

“The ISM manufacturing index was 0.5% below expectations and job openings stood at 7.7 million, below the forecast of 8.1 million and below the 7.9 million revised down in June.”

“Given the current economic uncertainties and potential liquidity reduction, we recommend reducing exposure [to BTC] and waiting for a better entry point before increasing investments,” Fournier added.

The U.S. Bureau of Labor Statistics released Job Openings and Labor Force Change Survey (JOLTS) data on Wednesday. The number of job openings on the last business day of July was 7.67 million, below market expectations of 8.1 million and below the downwardly revised June reading of 7.9 million, FXstreet data showed.

Meanwhile, the Federal Reserve’s Beige Book summarized the most pessimistic commentary on economic conditions, pointing to a “slowing, loosening labor market,” according to Julia Pollak, chief economist at ZipRecruiter.

On Tuesday, the ISM manufacturing PMI pointed to a continued contraction in activity in August, resurrecting growth concerns that affected risk assets and cryptocurrencies last month.

The weak data strengthened expectations that the Federal Reserve would lower interest rates, but it has not helped BTC’s price find a bottom so far. Alex Kuptsikevich, senior market analyst at The FxPro, said Bitcoin’s weakness could be a red flag for traditional risk assets.

“Weakness in cryptocurrencies may be a manifestation of a very limited risk appetite and may begin to follow in the footsteps of cryptocurrencies in other markets,” Kuptsikevich said. He noted that BTC has failed to draw lasting strength from its recent weaknesses.

“Bitcoin has fallen in 9 of the last 11 days, and its attempt to consolidate above the 200-day average triggered an intense selling wave. This pattern continues until Thursday morning, and the price continues to test the bottoms of the last four months,” Kuptsikevich added.