Bitcoin remained stable on Monday, trading within a key resistance area of $30,870 and finding support at $29,700. The cryptocurrency has been trading sideways since June 23, with a consolidated pattern as it navigates these levels.

Despite this, there has been an 80% decline in addresses sending coins to crypto exchanges over 612 days, indicating a positive evolution in the perception of Bitcoin. Institutional investors have continued to accumulate Bitcoin, with a significant upward trend in the accumulation of BTC by these entities.

If Bitcoin manages to break and sustain its position above $31,000, it could potentially initiate the next phase of its upward trend, with a target of $40,000.