This could possibly be reaccumulation on the longer time frame before a large price move to the upside.
Indicators are suggesting a potential bounce play but I would negate that if price closes below this $8700 price level which I would then anticipate much lower price levels in the near future, as from experience BTC loves to dump hard when respecting long-term resistance levels.
Macro structure does suggests move over time, but if this price move makes a close above the $9800 price level then that would break the overall structure and be very very for bitcoin , in which I would at that point anticipate a large breakout to the upside but I will explore that idea as time passes.
Let me know what you think. Safe trading, cheers.