Bitcoin Breaks $65K as White House Crypto Summit Looms and Citi Confirms BTC Custody Launch

Bitcoin climbed back to $65,000 for the first time in a week on August 18, triggering roughly $30 million in short liquidations within 60 minutes of the breakout, as the S&P 500 rebounded from two-week lows following US assurances that the Strait of Hormuz remained open. The move came as gold sold off, with the two assets briefly diverging despite broader bond market pressure stemming from US deficit concerns, with the federal deficit having hit $1.8 trillion and global yields surging. Analysts remain split on whether the rally has legs.

10x Research said Bitcoin must hold above $63,000 to sustain fresh upside, while CryptoPotato flagged persistent bearish trendlines and weakening momentum on the daily chart, calling the move insufficient until key resistance levels are reclaimed. Yahoo Finance cited falling trading volume as evidence the rebound to $64,000 was a liquidity illusion. Fundstrat offered a wider frame, warning that Bitcoin's unusually low volatility has historically preceded sharp moves of around 30 percent in either direction, mapping to an upside target near $83,200 or a downside scenario around $44,800.

On the institutional front, Citigroup confirmed that Bitcoin custody will go live on its Custody+ platform later in 2026, a significant step for the roughly $24 trillion custodian integrating crypto with traditional asset infrastructure built for continuous settlement. Adding further policy weight to the week, President Trump is scheduled to host a White House crypto summit Wednesday, with leaders from the SEC, CFTC, Coinbase, Robinhood, Ripple, Gemini, Kalshi, and Polymarket in attendance. Bitwise CIO Matt Hougan said tokenization is expected to take center stage at the event.