Yes, all objects experience a force of buoyancy when they are immersed in a fluid.
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The upward force exerted by the water on the bottle is called upthrust or buoyant force.
The balance can be achieved by applying an external downward force equal to the difference between the upward force and the weight of the bottle.
To keep the bottle completely immersed, the upward force on the bottle due to water must be balanced by an externally applied downward force.
We have learned that the weight of an object is the force due to the gravitational attraction of the Earth.