Bitcoin Hovers Near $65,000 Amid Cautious Recovery and Strait of Hormuz Negotiations

Bitcoin hovers near $65,000 as a cautious recovery is supported by improving ETF inflows and optimism surrounding negotiations to reopen the Strait of Hormuz. Meanwhile, Pi Network's token, PI, surged up to 15% to clear $0.09, driven by its upcoming Protocol 26 upgrade on August 11, 2026, and a new RoboPay integration. Despite these gains, both Bitcoin and PI face significant technical resistance and moving average barriers that limit a full breakout.

Pi Network price recovery

• ▪Pi Network's token surged 13.6% to $0.0941 on August 6, 2026, leading the gainers chart on CoinGecko.
• ▪Pi Network's token, PI, surged as much as 15% to a three-week high and remained above $0.09 on August 6, 2026.
• ▪Pi Network's token price gained more than 10% during the week of August 5, 2026, as its 24-hour trading volume rose 75% to approximately $11.5 million.

Protocol 26 Mainnet upgrade

• ▪The Pi Core Team required Pi Network Mainnet node operators to install the Protocol 26 upgrade by August 11, 2026, to remain connected to the network.
• ▪The Protocol 26 upgrade is designed to improve contract safety, state management, interoperability, and cryptographic features on the Pi Network.

RoboPay payment integration

• ▪RoboPay is designed to let developers assign prices and execution rules to robotic tasks, including deliveries, security patrols, and industrial inspections.
• ▪Fabric Foundation announced that Pi Network joined RoboPay as a payment partner, enabling the PI token to be used to pay for robot services across the Fabric network.

Technical resistance levels

• ▪Ethereum faced a crucial barrier at $1,950, with the next major resistance area sitting above $2,000 if it maintains momentum.
• ▪Pi Network's token tested resistance between $0.0882 and $0.0900 on the 4-hour chart, with a close above $0.090 needed to signal a breakout.
• ▪Bitcoin faced upward pressure and repeated rejection near the $65,000 resistance level, preventing a confirmed breakout during the recovery on August 6, 2026.

Moving average barriers

• ▪Bitcoin remained capped by its 50-day Exponential Moving Average at $64,656 and a downward resistance trendline near $64,578 on August 5, 2026.
• ▪Ethereum held above its 50-day Exponential Moving Average at $1,852 on August 5, 2026, while facing resistance at its 100-day Exponential Moving Average near $1,927.
• ▪Pi Network's token reclaimed its 20-day Simple Moving Average at $0.08513 but remained below its 50-day Simple Moving Average of $0.10218 and 200-day Simple Moving Average of $0.15230.