Yesterday's sharp intraday declines in Bitcoin and Ether were quickly bought up, signaling ongoing interest from traders and investors who are simply waiting for more attractive buying levels.

Meanwhile, lawmakers in the Arizona House of Representatives have passed two bills that could pave the way for the state to establish a Bitcoin-backed reserve. In the third reading of Senate Bill 1025 (SB1025), which proposes amendments to Arizona statutes to allow for a strategic BTC reserve, 31 members voted in favor and 25 opposed. A similar bill, SB1373, aimed at creating a state-level digital asset reserve, passed with 37 votes in favor and 19 against.

State Representative Jeff Weninger indicated that the bill reflects a strategy likely under consideration in at least 15 other U.S. states, permitting the treasury department to allocate up to 10% of its investments into cryptocurrencies, with a primary focus on Bitcoin.

"I think this probably would start as a 'may' for the foreseeable future, but as things continue to pivot towards Bitcoin and these things, would have that already in place in the future," he added.

These approvals bring the proposals closer than any other state-level initiative in the US to becoming law on creating a strategic cryptocurrency or Bitcoin reserve. Similar legislation introduced in New Hampshire was passed by the state's House of Representatives in April and is expected to be voted on in the full Senate soon.

State-level efforts to build Bitcoin reserves come as US President Donald Trump and Republican lawmakers push for similar action at the federal level. In March, Trump signed an executive order proposing a strategic Bitcoin reserve and a broader "digital asset stockpile."

Wyoming Senator Cynthia Lummis, a vocal crypto advocate, introduced a bill in Congress that would allow the US government to hold more than 1 million BTC, partly sourced from cryptocurrencies seized in civil or criminal proceedings. Some lawmakers have suggested that Lummis's bill is an attempt by Congress to codify Trump's executive order into law.

Bitcoin technical outlook:

Buyers are now aiming to reclaim the $95,600 level, which would open the path to $97,100 and then $99,000. The ultimate upside target stands at the $100,000 mark. A breakout of this mark would signal the end of the bear market. If Bitcoin falls, buyers are expected to emerge around $94,400. A drop below this area could quickly drag BTC down to $93,600, with the final downside target at $91,800.

Ethereum technical outlook:

A confirmed move above $1,818 for ETH opens the way to $1,843. The furthest upside target is the $1,868 high. Surpassing it would mark a bullish reversal. If Ether declines, buyers are likely to step in around $1,794. A break below this level could swiftly push ETH down to $1,772, with the lowest target at $1,750.