They all have their own style
I have some that don't bleed at ALL, and in the past I had one that dripped everywhere she went. It shouldn't last much longer, and if she is bleeding that much and it DOES go on much longer, I would think about having her checked, but at this point, it sounds like she just has a heavy heat. She will become more and more swollen and soft, and then begin to firm up again, and usually, the bleeding will stop around that time. But..like I said..every bitch has her own style...and variations are HER normal. I'd think the "squirting blood" is a vulva reaction to being touched, she's probably flexing the muscles back there like they do when they are being bred.,,and anything that is in the final area of the vagina is coming out because of the contracting muscles.