Bitcoin downside risks building

Bitcoin trades at $57,997 (-1.64%), on track for an eighth consecutive daily close below 60k - a worrying sign against a backdrop of widening risk aversion.

Combined with its rejection of the 200-day ma in late August, the balance of risks for BTC has tilted towards a break initial support at $57,000/$56,000 before a test of medium-term support $52,000/$50,000 area.