The largest digital asset rose as much as 3.4% to $25,002 as of 10:57 a.m. in New York. Smaller tokens such as Ether, Cardano and Avalanche also pushed higher.
The momentum in crypto is likely making speculators close out bearish bets, further propelling the rally, said Cici Lu, founder of Venn Link Partners, a blockchain adviser. Some $64.5 million of short positions in Bitcoin were liquidated on Wednesday, the most in about a month, according to data from Coinglass. The liquidations came alongside a near-9% jump in the token on Feb. 15.