Your brake pads are most likely worn down and need to be replaced. I'd hold off on adding fluid. As the pads wear down, the pistons in the calipers stay further out to keep them close to the disc. This makes the fluid in the reservoir drop down. When you brake hard, the level drops even more, then goes back up when you release the brakes.
If you add fluid to fill the reservoir to the top now, when you go to replace the brake pads, it will spill over the top of the reservoir once the pistons are pushed back in to make room for the new brake pads.
Check the fluid level and make sure there is a good amount in the reservoir. If there is, get the brake pads replaced relatively soon. The sensor in the reservoir that makes the light turn on is mounted pretty high, so it will come on even if there is plenty of fluid.