Seeing the odds like this for one of the biggest events of next game week makes me really interested.
Liverpool have all the right to be favoured in this way. Because they have played much better than Real Madrid in the Champions League so far. I assume there wouldn't be anyone to stand against that. Real Madrid are just clueless after losing to Lille and Milan like that.
If I bet on a side here, my choice would clearly be Liverpool.
However if I decide to bet on the number of goals instead, I would go for over 2.5 goals @1.57 probably.
Clearly the bookies here are allocating this odds based off the past performance of both teams in their last 3-5 games because obviously that's what is reflected in the odds in seeing in this picture, well they cannot be blamed as most of these odds are allocated based off statistical information and sometimes circumstances around team but I would like to look at this teams from their various points of importance or priority attached to this game due to its importance, if we are to go by that, then Madrid should be the favorite as they needed this game more than Liverpool may but they don't appear to have the strength but I believe id they push hard, a draw wouldn't be a bad one and it's very much achievable.
For me, the odds given by the bookmaker are very equal to the risk that will come because even though Liverpool is the host, it does not mean that Madrid cannot put up a fight even though they have lost several times. We must remember that this is a football that is difficult to predict even though the statistics are very strong but a mistake can happen during the match.
And in the last sentence you said, I agree that a draw can happen and this is what I expect. I would even bet on a draw to get big odds, but if it's just about profit, BTTS is the best choice.