Coinbase Wrapped BTC (CBBTC) is currently trading at $117,769, reflecting a modest 24-hour change of 0.35%. The asset has experienced a daily range of $1,211, with a high of $118,514 and a low of $117,303, indicating relatively stable price action amidst low volatility.

Volume stands at $322,552,782, with a volume-to-market cap ratio of 5.23%, suggesting a healthy trading activity relative to its market capitalization. The short-term moving averages are showing a slight downward trend, with the 8 SMA at $118,261 down by 0.42% and the 13 SMA at $118,232 down by 0.39%, indicating selling pressure in the near term.

The 1-hour RSI is currently at 38, suggesting that CBBTC is approaching oversold territory, while the 7-day RSI at 49 indicates a neutral market sentiment. The price has changed negatively over the last week by approximately 0.79%, though the 14-day price change is positive at 2.93%, signaling potential bullish momentum in the medium term.

Despite the recent downward price action, the 30-day price change is nearly flat at 0.02%, highlighting a lack of strong directional movement. Given that the all-time high is significantly above the current price at $123,939, there remains room for recovery and growth in the longer term.

Based on the current technical indicators and market sentiment, the outlook for CBBTC is cautiously optimistic, especially with the RSI indicating potential oversold conditions. Therefore, I recommend a Hold rating at this point, as waiting for a clearer bullish reversal signal may provide a more favorable entry point for traders.