Bitcoin bears were out on Wednesday, pushing the cryptocurrency below $30,000 for the first time since January 2.

Soon after the fall, bulls pushed the token back over $30,000, but the battle is on at the important resistance level.

Bitcoin has shed nearly $200 billion in market cap in just three weeks since it hit record highs of over $40,000 on January 8.

Still, long-term bitcoin investors are well in the green due to the monumental price appreciation seen in the asset over the past few years.

Over the past two years, bitcoin has appreciated nearly 800%. Over four years, that figure moves to 3,550%, and if you look back ten years, early investors have made some 7,791,699% on their original investments.

Still, bitcoin has seen a marked decline in recent weeks.

Matthew Dibb, COO and co-founder of Stack Funds, told CoinDesk, "From a technical analysis point of view, it is consistently making lower highs. The short-term momentum indicates a possible slide to $26,000."

Reasons for the downward momentum in bitcoin in the past few weeks aren't totally clear, but some analysts have noted the US Federal Reserve meeting on Wednesday could lead to falling prices.

"BTC may face selling pressure if Powell signals an early taper," Darius Sit, co-founder and managing partner at Singapore-based QCP Capital, told CoinDesk. 

Cryptocurrencies are often seen as a hedge against accommodative monetary and fiscal policy, which means a move toward more hawkish policy could be problematic.

"Bitcoin seems poised to consolidate a little more, but if the Fed is not dovish enough and the dollar rebounds, the $30,000 level could easily break," Edward Moya, senior market analyst for Oanda, wrote in an email. 

Still, most observes, including QCP Capital's Darius Sit, don't expect Powell to strike a hawkish tone. The chairman is likely to commit to a lower rate environment and dovish policy going forward.