China electric issue causes Bitcoin to pull back

[davis196]

I don't think that the BTC mining and hashrate has anything to do with the Bitcoin price volatility.
If the dry season in China continues,miners are going to face some long term difficulties.I wouldn't be surprised if the Chinese authorities ban the crypto mining farms temporarily,in order to reduce the electricity consumption.Anyway,the mining difficulty will get reduced,so the blockchain will continue to work properly.
The Bitcoin price have dropped because of other reasons.We don't have any clear info about the reasons behind the price drop yet.

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[DarkDays]

Why would reduced mining activity cause Bitcoin to pull back?

Bitcoin hash rate has been on the decline since May 12 (halving day). There is no evidence to suggest that the recent dip from high 9's to around $9k has anything to do with miners.

Correlation doesn't equal causation. It's irritating when people try to link practically any trivial event to the price action of Bitcoin.

The vast majority of miners are sellers, not buyers. Reduced mining activity should actually lead to reduce selling volume. Doubt the difference would be consequential though.

[Velkro]

Now, my question is, does the Sichuan electric issue causes Bitcoin to pull back from almost hitting the $10,000 level?

No, it doesnt affect it at all.
Problem of miners in one world area can cause increase miners gain in other areas, thats it, no further effect anywhere else.

Price of Bitcoin is hard to predict because there are hundreds of different things that affect price, you cant even know them all before  you can use them to try to predict price by them.

[omone1]

While I don't immediately understand the correlation between hash-rate and price movement, but I am certain the bitcoin halving psychology caused the price downward trend together with the FUD of a possibility of Satoshi himself moving some bitcoin from 2009 wallet which off course is another lie to scare traders. 

[ultrloa]

Now, my question is, does the Sichuan electric issue causes Bitcoin to pull back from almost hitting the $10,000 level?

No, it doesnt affect it at all.
Problem of miners in one world area can cause increase miners gain in other areas, thats it, no further effect anywhere else.

Price of Bitcoin is hard to predict because there are hundreds of different things that affect price, you cant even know them all before  you can use them to try to predict price by them.

It somehow has an effect but not totally big since if the transaction fee is so high then maybe the other player will shift to the other crypto who will deliver them a good speed and less fee, but actually in over all category this doesn't effect on the price since there's nothing we can do with mining. And I think the one can make the price to pull back is when the traders will go away from the bitcoin.