Your skin is lacerated and blood begins to flow from the wound. Bleeding will slowly lower your current blood at a speed depending on the intensity of the lacerations. You may stop the bleeding early with a tourniquet.
Bleed lowers your Red Bile until either your character Faints or the Bleed disappears. It is possible for Bleed to Stack - the more Bleed the faster it will drain your Blood. Received from certain attacks by Cougars, Beavers, Bears, Wishpooshes, March Hares, and Darkenbears.
While it is possible for Bleed to go away on its own it it faster and safer to use a Tourniquet especially with high levels of Bleed.
The effects of Bleed are magnified during a Blood Moon.