Bitcoin is trading in the lower half of its long-held range between $9,000 and $10,000 days after dipping below its support at $9,000 on Sunday, June 21.

The coin's future performance will be dependent on its reaction to $9,000. If it drops below $9,000 and falls past the following support at $8,500 — which has proven a crucial level over the past two months — then it will spell trouble for Bitcoin's longer term trend, one popular trader noted in a tweet.

Another analyst chimed in on twitter that if Bitcoin does not break past its resistance at $10,000 in coming weeks to turn its cloud formation bullish then it will be another bad sign for BTC. At the time of publication BTC is trading hands at $9,175, according to Bitpush data.

By Emily Mason