Now, my question is, does the Sichuan electric issue causes Bitcoin to pull back from almost hitting the $10,000 level?
I agree with the posters above that the hashrate isn't causing a pull back for a couple of reasons.First of all, the hashrate has never been higher. The recent drop due to the halving plus the events you have described have only taken us back to the same levels we were at at the end of last year, and remains higher than everything from September last year back to the genesis block. When we were pushing $14k back in June, the hashrate was only around 63% of what it is now. When we peaked at $20k in 2017, the hashrate was approximately 15% of what it is now. There is no real correlation between hashrate and price.
Secondly, I don't think what you've described is really that significant. If the links you provide are accurate, than Sichuan contributes 10% of China's hash power, and some but not all of the miners there have stopped or reduced their mining time by 50%. So we are talking about a drop of a few percent in China's hash power, which is an even smaller percentage when considered globally.
Lastly, I wonder if the decreased hashrate may be preventing people from selling their bitcoin. The mempool currently has 70 MB of low fee transactions waiting to be confirmed. A proportion of these transactions will be people who are trying to send their coins to an exchange to sell them, and haven't yet been able to. As the mempool has started to work down in to these low fee transactions over the last few days, so too has the price decreased by a few hundred dollars. I know correlation doesn't equal causation, but I found it interesting nonetheless.
