Quinn Thompson Says Bitcoin Faces Heavy Selling Pressure Heading Into Summer

Bitcoin is “under pressure” heading into the summer, according to Quinn Thompson, CIO at Lekker Capital, who says the market is flashing warning signs as crypto diverges from technology stocks.

“Come back after the summer, says one analyst on crypto markets Bitcoin's growing divergence from tech stocks raises concerns as AI spending surges, says Quinn Thompson”

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Thompson argues that structural challenges—including ongoing digital asset treasury (DAT) concerns, unresolved questions about Strategy’s preferred stock STRC, and “lingering fears about quantum computing risks to Bitcoin’s security model”—are combining with weakening liquidity conditions and heavy selling pressure.

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He also links the outlook to a broader liquidity drain risk, saying a wave of blockbuster IPOs including SpaceX, Anthropic and OpenAI could absorb “trillions of dollars in investor capital.”

Thompson points to the Magnificent Seven’s underperformance relative to the broader Nasdaq as one of the clearest signs of the divergence, saying that “many of the index’s gains are being driven by semiconductor and AI supply chain names” rather than the hyperscalers that sparked the initial rally.

Strategy stock MSTR is under “severe pressure” as the Bitcoin selloff deepens, pushing the shares to critical lows last seen in November 2022, according to The Cryptonomist.

On June 5, MSTR closed at $120.44, down nearly 7% in a single session, and the analysis says the stock trades well below the daily EMA20 ($152.07), EMA50 ($155.75), and EMA200 ($198.68), which are “stacked overhead in a clear bearish formation.”

Allnews

The technical picture is reinforced by momentum indicators, with the daily RSI at 29.49 entering oversold territory and the daily MACD showing accelerating bearish momentum, including a MACD line at -9.55 versus a signal line at -3.83.

The Cryptonomist adds that a close below $119.70 could trigger further selling by breaching both pivot support and the Bollinger lower band, while it frames the 15-minute chart as a limited counterpoint with the RSI at 55.03 and a bullish MACD crossover.

Stephen Coltman of 21Shares, writing for Allnews, frames the recent correction as “brutal” but argues Bitcoin’s network resilience and investor base point to “more of a macroeconomic deleveraging than a fundamental structural challenge.”

“Bitcoin continues to flash warning signs,according to Quinn Thompson, CIO at Lekker Capital, as his fund remains firmly bearish on crypto heading into the summer”

CoinDesk

Coltman says market sentiment has returned to levels comparable to those of the 2022 bear market “but without systemic stress,” citing receded open interest and leverage that he says reduce the risk of forced liquidations.

He also argues institutional capital remains solid, saying U.S. Bitcoin ETFs have fallen only about 5% from their peak and that European ETPs have recorded “more than a billion dollars of cumulative net inflows since the all-time high.”

In a bull scenario, Coltman says Bitcoin could return to the 72,000–74,000 zone and then 80,000 if stabilization holds, while a bear scenario warns that a break below $65,000 could open a path toward $56,000–$58,000 if mechanical selling resumes.