The purple regions represent times the price has acted as support and resistance in the 7.7 - 8.5k region. This region is now serving as support, and did so on the previous bounce as well. This is a bullish sign as this area once served as resistance, in addition to this if we go to a higher time frame we're still in a bullish structure in terms of highs / lows. We made a higher high on our previous run so it is normal for price to retrace and make a higher low.