Bitcoin Price Takes a Plunge: Analyzing the Sudden Drop

Bitcoin price started another decline after it struggled near $64,550. BTC declined below the $63,500 support and might continue to move down.Bitcoin started a fresh decline from the $64,550 resistance level.
The price is trading below $63,500 and the 100 hourly Simple moving average.
There is a connecting bearish trend line forming with resistance at $63,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could extend losses if there is a clear move below the $62,700 a