Intense Israel Defense Forces strikes on Gaza City continued overnight, despite initial expectations among Palestinian residents of a decrease in military activity following the latest developments from U.S. President Donald Trump's ceasefire proposal.

One of the IDF's targets during the overnight attacks was Al-Azhar University, located in the Al-Mughraqa area in southern Gaza City. The university was "completely destroyed," according to local journalists and eyewitnesses. ABC News has contacted the IDF for comment on the strike.

According to a statement from the Gaza Government Media Office on Saturday night, the IDF carried out 93 airstrikes within 24 hours, killing 70 Palestinians.

-ABC News' Samy Zyara and Somayeh Malekian

In a televised statement Saturday night, Israeli Prime Minister Benjamin Netanyahu struck a victorious tone, saying Israel is "on the verge of a very great achievement" and that he hopes "in the coming days" he can announce "the return of all our hostages, both living and dead, in one fell swoop, while the IDF remains deep in the Gaza Strip."

Netanyahu said, "In the first phase, Hamas will release all of our hostages, and IDF forces will redeploy in such a way that the IDF will continue to hold all of the territories it controls deep inside the Strip."

Netanyahu says "our intention and that of our American friends is to conclude these negotiations in a few days," and that "very soon" there would be the liberation of all our hostages without a full withdrawal from the Strip."

-ABC News' Jordana Miller

President Donald Trump said Israel has agreed to the initial withdrawal line for the Israel Defense Forces in Gaza that was laid out under the peace proposal announced earlier this week.

“When Hamas confirms, the Ceasefire will be IMMEDIATELY effective, the Hostages and Prisoner Exchange will begin, and we will create the conditions for the next phase of withdrawal,” Trump said in a post on his social media platform.

-ABC News' Lalee Ibssa

President Donald Trump issued another warning on Saturday, telling Hamas it must move quickly to release the hostages "or else all bets will be off" as the Israeli bombardment on Gaza is scaled back.

"Hamas must move quickly, or else all bets will be off. I will not tolerate delay, which many think will happen, or any outcome where Gaza poses a threat again. Let’s get this done, FAST. Everyone will be treated fairly!" Trump wrote in a post on social media.

Trump's threat comes as his U.S. special envoy Steve Witkoff and son-in-law Jared Kushner are traveling to Egypt this weekend to finalize technical details of a Gaza peace deal.

They will be part of the U.S. mediating team in Egypt for the latest round of indirect Israel-Hamas negotiations, which are expected to begin tomorrow, according to a White House official.

-ABC News' Lalee Ibssa and Selina Wang