Coolant Bleeder Stuck Open?

[Eric-986]

I've been tracking a coolant smell in the trunk of my 99 Base Boxster.

There was some residue around the bleeder and cap, so I cleaned them off, replaced the o-rings and cap. No more residue, but it's still got a smell in that area.

Reservoir was replaced 2 years ago by the previous owner.

Today, I realized the bleeder was open by itself. The wire is loose, and the middle "stick" is "up" There is a running water/visible turbulence in the tank when it's like this.

If I push the "stick" down, the turbulence immediately stops, but as soon as I let go, the stick moves up, and the "running water" starts again.

Driving the needle is between the 8 and the 0, sometimes moving closer to the far edge of the zero.

Does this sound like a typical bleeder failure?

Thanks.

-Eric

99 Base 986