Bitcoin Price Move Above $7,000, climbs as Much as 6% on Tuesday

Bitcoin prices moved higher on Tuesday, August 28 trading at around $7,050 at press time, more than 4 per cent on the day, according to Cointelegraph's Bitcoin price index.

The move higher in bitcoin comes as the U.S. dollar is in the midst of a period of weakness, which has caught the eye of analysts.

The Coin360 data shows the growth among the top ten largest assets ranges between 4.5 to almost 20 per cent.

As the crypto spot markets rally and Bitcoin reclaim ground above $7,000 fresh data from the U.S. Commodity Futures Trading Commission (CFTC) shows that bearish positions for non-commercial contracts of Bitcoin (BTC) futures are also on the decline.

By the report shown on the CFTC's latest Commitments of Traders (COT), the market is still overall net short, yet the new figure of -1266 indicates a sharp turnaround from the -1926 recorded earlier this summer.

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