See if you can reach the bolt with a thin knife blade or similar. You may be able to push it back.
There is a notched lever inside the tube that is supposed to wedge into the teeth of the bolt to prevent it being pushed back. With a horizontal bolt, when you push the key in, it pushes this lever up so the bolt can slide in and out. You can also lift the lever with a very small screwdriver or other small tool.
If the bolt has been fitted upside down, you push the lever downwards to release it.
You might possibly be able to see teeth and lever through the keyhole. If you can lay your hands on a spare bolt you will see how the mechanism works
The usual cause of failure is the splines on the key wearing out so they no longer reach the teeth on the bolt. But your key does not look worn. Perhaps a tooth has broken on the bolt. If the spring is broken or jammed the bolt may have rotated, or pushed too far, so the key can't reach the teeth. As it is the bottom bolt that has failed, it may have dropped too far by gravity, perhaps because the retaining spring lever is broken. If you can push it up a bit, the key may be able to grip the teeth. If you can't push it up, you could saw through it.
The mechanism is very simple so there is hardly anything to go wrong except the spring lever or the teeth.