Bitcoin’s rally, which began in August and recently carried the cryptocurrency above $87,000, faces renewed pressure after U.S. President Donald Trump rejected Iran’s proposal for a seven-day ceasefire. The Wall Street Journal reported that Trump told people close to him he expects the United States to resume bombing Iran after the November midterms, reversing his position from several weeks earlier that the war would end immediately after the elections. Iran presented the proposal at the United Nations General Assembly in New York through Qatari mediators, saying it could reopen the Strait of Hormuz and end regional attacks within seven days. Iranian Foreign Minister Abbas Araqchi said preparations were complete if the U.S. was serious about reaching a deal. Bitcoin has reacted to major developments on the U.S.-Iran front since the conflict began in late February. After a recent round of U.S. attacks and Iranian retaliation against regional targets, BTC’s advance was halted at $82,000 before it fell by a couple of thousand dollars. It later climbed above $87,000 during the business week but had pulled back to $84,000 at press time. The latest diplomatic setback and threat of renewed attacks could interrupt the rally, which has added $20,000 since mid-August.