According to CoinDesk, Fairlead Strategies said that Bitcoin (BTC) bulls may be disappointed because a monthly technical indicator has flashed an "overbought pullback" signal. The stochastic indicator, developed by George C. Lane in the 1950s, recently retreated from above 80, indicating a weakening of upward momentum. The indicator fluctuates between 0 and 100, and a reading above 80 means an overbought condition. A reading below 20 indicates the opposite. A pullback from an overbought level indicates a so-called overbought pullback, which indicates a weakening of upward momentum. "In late August, Bitcoin confirmed an overbought pullback in the monthly stochastic indicator," said Katie Stockton, founder and managing partner of Fairlead Strategies, in a note to clients on Monday. She also said that this pullback suggests that the underlying process may be delayed, especially given the pending monthly cloud model, which reinforces the resistance from the weekly cloud model (about $31.9K).