The force due to the gravitational attraction of the Earth acts on the bottle in the downward direction.
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The concept of buoyancy helps explain why objects float or sink in a fluid.
A sheet of iron and steel sinks because it displaces a small volume of water, resulting in insufficient buoyant force to support its weight.
A ship doesn’t sink because its shape allows it to displace a large volume of water, creating enough buoyant force to support its weight.
The bucket feels heavier out of the water because it is no longer supported by the buoyant force, and you feel its full weight.