In response to this legislative news, Bitcoin's price surged by 5.2%, climbing from $62,450 to $65,700 within six hours, reflecting heightened investor enthusiasm.

On April 29, 2025, Arizona made history by becoming the first U.S. state to officially endorse Bitcoin investments for state funds, a significant move reported by Bloomberg.

This endorsement follows the recent passage of Arizona's Strategic Bitcoin Reserve Bill, which was set for a final vote on April 28, positioning the state as a leader in Bitcoin adoption.

Analysts predict that if the momentum continues, Bitcoin could breach the $72,000 resistance level by the end of the week, attracting both retail and institutional investors.

Trading volumes for Bitcoin on Binance soared by 38%, reaching approximately $12.8 billion within a six-hour window, indicating a surge in market activity.

On-chain metrics revealed a 15% rise in Bitcoin wallet addresses holding over 1 BTC, reflecting increased confidence among larger investors.

Additionally, large transactions exceeding $100,000 for Bitcoin surged by 20%, suggesting potential whale accumulation and further market engagement.

Technical analysis supports this bullish trend, with indicators like the Relative Strength Index (RSI) nearing overbought levels and the Moving Average Convergence Divergence (MACD) showing a bullish crossover.

Resistance levels are now identified at $66,000 and $67,000, while support is at $63,500, setting the stage for potential breakout scenarios.

Ethereum also benefited from the bullish sentiment, with its price increasing by 3.7% as it rose from $2,510 to $2,603, indicating spillover effects from Bitcoin's rally.

The overall market dynamics reveal unique trading opportunities, particularly with AI-related tokens like Fetch.ai and Render Token experiencing price increases due to the positive sentiment surrounding Bitcoin.

Swing traders may find opportunities in the elevated trading volumes, supporting further price increases if Bitcoin maintains above the $65,000 resistance level.