[DigitalToday reporter Yoonseo Lee] Bitcoin slid to around $66,000 on June 16 local time, moving in the opposite direction to U.S. stocks.

According to blockchain media outlet Cointelegraph, U.S. stocks extended their gains on the day, while bitcoin and international oil prices weakened together.

Based on TradingView, bitcoin retreated to the $66,000 range after pulling back from its highest level in about two weeks. As expectations grew for a peace agreement between the United States and Iran, risk appetite returned to the stock market. The S&P 500 rose more than 1.5 percent on the day, and U.S. West Texas Intermediate crude fell to its lowest level in three months.

Research firm Mosaic Asset Co pointed out that reports about a U.S.-Iran peace agreement have often surfaced in the past, but this time both sides and negotiating parties are confirming an agreement. The market has reflected the possibility of easing geopolitical tensions as a positive for stocks and as a factor weighing on oil prices.

But bitcoin did not fully follow the broader risk-asset strength. Market participants see gains as potentially limited even if a short-term rebound continues. Analyst Dan Crypto Trades assessed that bitcoin has moved further back inside its existing price range. Roman said he is continuing to watch the $70,000 level as the area where the rebound could be completed.

A more conservative view of the near-term upside also emerged. Analyst Lennart Snyder said the price is entering a sell zone on a higher timeframe basis and set $68,000 as his target price for the day. He said there is very large liquidity below $63,600, but that it would be better to first see a move pushing higher once more for a better short-entry.

Others argue that expectations for a renewed decline have been excessive. Crypto analyst Killa said market makers and trading algorithms may have lured traders into betting on lower lows, calling it a "typical market psychological battle." As liquidity data on the order book highlights bids waiting on the downside, some participants are also looking at the possibility of a rebound accompanied by short-position liquidations rather than a sharp drop.

Coinglass data showed short-position liquidations across the crypto market totaled $230 million over 24 hours. Prices rebounded as some near-term downside bets were unwound, but traders do not view it as a trend reversal.

Against this backdrop, focus in the bitcoin market is narrowing to where the rebound could form a peak and to support strength in the $60,000 range. Earlier, other market analysis raised questions about whether $60,000 is strong enough as a long-term support line. As a result, whether bitcoin realigns with the stock market rally or faces renewed selling pressure around $68,000 to $70,000 is emerging as a key factor for the near-term direction.

$BTC is pushing into the HTF sell zone. Yesterday we saw a great pump on Bitcoin, couldn't position unfortunately because it happened during Asia. We tapped the sell zone and experienced the first wave of resistance, following 3 bearish candles on the 4H. For trades today, my… pic.twitter.com/bKPO8Ji9bp