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The bottom cover is being pushed out by the battery. Doesn’t seem to be too hot so why is the battery expanding? Is this something serious?

It is serious indeed..a swollen battery is not only dangerous for your Mac but for you and your households too. No need to panic, but the earlier you take care of it the better. If you can keep your Mac in a well ventilated place please do while waiting for battery replacement. No need to say if you can avoid using it that would be the best option. It usually happens when battery is left uncharged for longer periods of time and abnormal chemical reactions start happening in place of the usual correct ions exchange.

You need to get your laptop to a computer repair shop as soon as possible, your battery is expanding, and it needs to be replaced.