Windows fails to boot up. Hard drive issue?

Hello! My computer is failing to boot up. Before even showing the windows logo, it will freeze on a black screen with a few blinking colored boxes and some symbols. Always the same thing. I tried reading about it online and ended up testing a different hard drive on it and it booted up just fine. I'm assuming it's a problem with the hard drive then. What are my options from here? Is the hard drive shot? Can I recover my data? Could the problem lie somewhere else? Thank you!