Coinbase Wrapped BTC (CBBTC) is currently priced at $88,234, reflecting a slight decline of 1.39% over the last 24 hours. The asset has traded within a daily range of $1,378, between a high of $89,515 and a low of $88,137, indicating moderate volatility during this period.

The trading volume for CBBTC stands at approximately $99.27 million, contributing to a volume-to-market cap ratio of 1.43%. This suggests that while trading activity is significant, it is not overwhelmingly high compared to the overall market cap, which may imply lower market interest at this price level.

Technical indicators reveal bearish momentum, with the 1-hour RSI at a low 24, indicating oversold conditions. Meanwhile, the 7-day RSI at 43 suggests the asset is approaching neutral territory, but the negative price changes over 7 days (-7.14%), 14 days (-2.60%), and 30 days (-0.45%) indicate a consistent downtrend.

Short-term moving averages are also trending negatively, with the 8 SMA at $89,020.69 down 0.88%, and the 144 SMA at $90,068.16 down 2.04%. This downward pressure across multiple time frames suggests a lack of buying momentum and an overall bearish sentiment in the market.

Given the prevailing technical indicators, including the low RSI levels and declining moving averages, CBBTC appears to be in a corrective phase. Furthermore, the asset is significantly below its all-time high of $125,954, which adds to the current bearish outlook.

Considering these factors, the recommendation for Coinbase Wrapped BTC is to Sell. The asset is showing clear signs of weakness, and without a substantial catalyst for recovery, it is likely to continue its downward trajectory in the near term.