Is Liverpool's Premier League, Europa League quest over?

Just over a week ago, Liverpool were on pace for a treble. They'd already won the Carabao Cup back in February and after a scoreless draw between Arsenal and Manchester City on March 31, they were alone in first place in the Premier League -- two points clear of the former, three of the latter. The betting markets, for the first time all season, installed them as favorites to win the Premier League.

Meanwhile, all season long they'd been favorites to win the Europa League. After easily progressing through the group stages and then obliterating Sparta Prague (11-2 on aggregate) in the round of 16, they'd become odds-on favorites to win it all. Ahead of the quarterfinals, the betting markets saw Liverpool as more likely to win the tournament than the seven other teams, combined.

Well, so much for that.

First, there was the thrilling 2-2 draw against Manchester United at Old Trafford. Then there was the shock 3-0 loss to Atlanta at Anfield. And then there was the 1-0 upset to Crystal Palace at Anfield. All of a sudden, it's all gone. Manchester City are two points ahead now, and Arsenal are still ahead in goal differential. Per ESPN Bet, Liverpool have just a 14% chance of overturning the deficit against Atalanta, and their odds of winning the league are right around the same level of likelihood.

Let's take a look at how -- and why -- it all might have fallen apart.