Bitcoin climbed 4% on Friday to $103,400, extending a strong rally that has now delivered 6.5% gains in the past week and more than 32% over the past month. The latest surge in Bitcoin price comes amid an unprecedented wave of bipartisan political support, as U.S. states move to officially integrate the digital asset into their fiscal reserves.
In two days, New Hampshire and Arizona enacted legislation establishing state-held bitcoin reserves, a move that could transform how local governments approach long-term wealth management.
New Hampshire became the first to sign a Strategic Bitcoin Reserve (SBR) into law on May 6 under Republican Governor Kelly Ayotte. A day later, Arizona Governor Katie Hobbs, a Democrat, signed a nearly identical measure—House Bill 2749—into law, marking a rare cross-party embrace of Bitcoin's fiscal potential.
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Arizona's new law allows the state to convert unclaimed property funds into BTC and other digital assets, mandates U.S.-regulated custody, and permits returns to citizens in native digital format rather than U.S. dollars. The legislation follows the veto of a similar proposal just a week earlier, signaling a swift reversal amid growing pressure from Bitcoin advocates and state lawmakers.
Dennis Porter, CEO of the Satoshi Action Fund, noted the bipartisan momentum on X, "Bitcoin can unite us. You are not bullish enough." Texas may be next to follow, as Senate Bill 21 awaits a House vote. If approved, it would make Texas the third state to adopt a BTC reserve strategy.
The state-level momentum adds a fresh narrative to Bitcoin's recent price appreciation. On Wednesday, Bitcoin officially surpassed Amazon to become the fifth most valuable asset in the world, with a market cap topping $2.03 trillion—just ahead of Amazon's $2.012 trillion. It now trails only Apple, Microsoft, Saudi Aramco, and Alphabet (Google) in global asset rankings.
Meanwhile, institutional accumulation continues. Tokyo-based Metaplanet announced Friday that it acquired an additional 555 BTC worth about $53.5 million, pushing its total holdings to 5,555 BTC. The company, now the largest public Bitcoin holder outside North America, funded the purchase through zero-coupon bonds issued to Evo Fund, following a similar raise earlier this year.
However, traders are starting to question whether the pace of the rally is sustainable in the short term. According to FX Empire's Friday analysis, the market appears "overextended," and some consolidation is likely before bulls can push toward the next resistance zones at $108,000 and $110,000.
Technical analysts are watching the $100,000 level closely, as it now acts as a key psychological and structural support. A clean hold above that mark could set the stage for the next leg higher, especially if risk appetite strengthens after this weekend's U.S.–China trade talks.
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