Why isn't it rising? Look at the data: the total contract volume is 106.24 billion, +2.45%, growing quite fast. The long-short ratio is 0.7 with 30,899,014,661 people, and the funding rate is close to negative, at 0.0007%. It can be said that the entire network is short; everyone has realized that the bear market has truly arrived.

Logically speaking, with the entire network short, the price should rise and trigger a short squeeze, but it hasn't. One possibility is that big players have opened many shorts together; if a short squeeze happens, they don't benefit much. Another possibility is that the market really doesn't have money to push the price up; it's either contract entrapment or contract liquidation.