Within the final hour, the Bitcoin (BTC) price rallied to ready a new all-time loftier at $29,000.

On Dec. 29, the Bitcoin price attempted to push button through a stiff resistance cluster at $28,500, merely after rallying to $28,600, the price rejected with a abrupt correction to $27,300.

Daily cryptocurrency marketplace performance. Source: Coin360

Today'south motion to $29,000 came after a loftier-volume surge pushed through the $28,500 resistance, but the battle for $30,000 is far from over.

Data from Cloth Indicators shows there are even so sell walls well-nigh the $30,000 level at Binance and other major cryptocurrency exchanges.

BTC/USD sell walls near $xxx,000. Source: Cloth Indicators

Barring another sustained high-book surge in purchasing volume, the presence of sell walls suggests that a rally to $30,000 may trigger a potent sell-off and cause BTC price to revisit key underlying supports at $28,000 and $27,300, where the 20-day moving average currently resides on the 4-hour timeframe.

$30,000 then moon?

Many retail traders expect the Bitcoin price to soar well in a higher place $thirty,000 once the psychological bulwark is overcome, but Nunya Bizniz, a popular trader on Twitter, pointed out that in a higher place $xxx,000, Bitcoin toll begins to look a bit overextended, every bit the i.618 Fibonacci retracement is at $30,196.

BTC/USD monthly nautical chart. Source: Twitter

Given that Bitcoin price has rallied 64.nine% since the start of Dec, hit the ane.618 Fib level could provide a signal that a pullback is on the cards, just ultimately, book will be the primary indicator of where the toll may go.

Currently, Bitcoin price has gained 302.6% for the year and is vastly outperforming gold and traditional markets like the Dow and S&P500. For Q4, BTC has rallied past 168.32%, securing the 2nd-all-time quarterly functioning since 2017 when the digital nugget gained 210.13% in Q4.

The views and opinions expressed here are solely those of the author and do non necessarily reverberate the views of Cointelegraph.com. Every investment and trading motion involves risk, you should conduct your own research when making a conclusion.