Bezel on Apple Watch Ultra 3

I’m unsure how to interpret the training bezel on my Apple Watch Ultra 3. In the attached image, what do the white circle and orange ones represent on the left (Vitals) bezel? The one outlier I think represents low heart rate whilst sleeping.

I’m thinking the right (training) bezel means I’m not well rested and well below optimal training condition. I’m not sure though. That said, my fitness app (FITIV Pulse) suggests otherwise as per the second image.

Any pointers/advice would be most welcome.

[Edited by Moderator]