NEW YORK, Nov 9 (Reuters) - Speculators' net long bets on the U.S. dollar rose to their highest level since January 2016 in the latest week, according to calculations by Reuters and Commodity Futures Trading Commission data released on Friday.
The value of the net long dollar position was $28.66 billion in the week ended Nov. 6, up from $26.74 billion the previous week. Speculators were net long on dollars for the 21st straight week, after being short for 48 consecutive weeks.
To be long on a currency means traders believe it will rise in value, while being short points to a bearish bias.
U.S. dollar positioning was derived from net contracts of International Monetary Market speculators in the yen, euro, British pound, Swiss franc and Canadian and Australian dollars.
Speculators boosted their net short position on bitcoin Cboe future contracts to 1,221 contracts, up from a net short position of 1,077 contracts, the data showed. (Reporting by Saqib Iqbal Ahmed; Editing by Sandra Maler)