Perhaps the bookies' reasons for favoring Barcelona over Real Madrid? Because we know Real Madrid have been battered since they met Barcelona.
But somehow I will still consider Real Madrid as the favorite because they already have the mentality for this tournament despite the many twists and turns they have gone through.
Why is PSG higher? Because they have a consistent performance after going through the group stage.
If you look at Barcelona's performance, of course they are stronger because of their concentration in every match they play, Even their increasing quality in the Champions League makes bookies favor them more this season. For me, the journey is still far away, but if you see Yamal, Raphinha and Lewandowksi managing to maintain their quality, of course they will succeed in defeating their opponents.
Real Madrid indeed faced many tough obstacles in the Champions League this season, especially when they faced strong teams, but they managed to conquer them. Real Madrid is of course a team that is nicknamed the king in the Champions League, so their performance is not at all worried about. But still, if they fail to do better, other teams could stop their progress.