Bitcoin's upward momentum has stalled following President Trump's rejection of Iran's proposal to reopen the Strait of Hormuz, introducing fresh geopolitical uncertainty that is pressuring risk assets. The cryptocurrency has cooled after weeks of rapid gains as markets digest the latest macroeconomic headwinds. In addition to geopolitical factors, traders are navigating the impact of a recent Federal Reserve rate hike while preparing for another potential increase in October. Despite the current pullback, Bitcoin remains up 28% since August 19 and is on track to deliver its best quarterly performance since Q4 2024.