Toncoin (TON) has dropped 11.15% in the last 24 hours, driven by a broader market sell-off and a 3.35% correction in Bitcoin (BTC). This downturn has wiped $85 billion from the crypto market cap, with $942 million in long and short positions liquidated, predominantly affecting long positions. Toncoin, which had rallied to $2.9 earlier this month, is now facing a potential retracement to $1.5, as market conditions remain bearish. The recent decline in Bitcoin's price has turned its 4-hour structure bearish, further impacting altcoins like Toncoin. Despite a previous bullish trend, Toncoin's price structure suggests a healthy pullback could see it drop to $1.5, provided it stays above $1.12. Traders are advised to adopt a short-term bearish outlook, as further downside is possible if Bitcoin's decline continues.