Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and XRP (CRYPTO: XRP) sentiment is improving after the U.S.-Iran agreement eased geopolitical fears, though traders remain cautious after months of volatility.

“Healthy” Sentiment For Majors

Santiment Intelligence said on X on June 17 that sentiment across crypto's three largest communities has moved out of recent fear zones following the reduction in geopolitical uncertainty.

The crypto intelligence platform said bullish-to-bearish commentary now stands at 1.52 bullish posts for every bearish post on BTC, 1.40 for ETH and 1.65 for XRP.

These readings are termed "healthy" noting that optimism has improved compared with the beginning of June.

The firm said investors are becoming more comfortable taking on risk as prices stabilize across equities, commodities and cryptocurrencies.

Santiment noted that none of the major crypto assets are showing signs of excessive greed.

Retail traders remain cautious after months of volatility, regulatory uncertainty and geopolitical tension.

That could be constructive for bulls. "The crowd is becoming more optimistic, but not enough to suggest widespread FOMO," Santiment noted.

Bitcoin Downside Debate Continues

Separately, a June 17 podcast discussing Benjamin Cowen’s Bitcoin analysis highlighted the balance price as a key long-term valuation level.

Historically, Bitcoin has often bottomed after falling below both its realized price and balance price currently around $39,000. However, Cowen suggested this cycle may be different.

Based on prior cycles, a less severe drawdown could place a worst-case zone closer to $41,000-$43,000. The analyst argued that Bitcoin may avoid a full reset to those levels because market structure has changed. If BTC weakens, near-term chart support sits around $64,000.

Unlike prior bear markets, Bitcoin now has spot ETFs, deeper institutional participation and large corporate holders such as Strategy Inc. (NASDAQ:MSTR).

Those factors could reduce selling pressure compared with previous cycles.

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