We have studied the high-pressure vibrational and structural behavior of bulk graphite and graphene nanoplatelets at room temperature by means of high-pressure Raman spectroscopic and x-ray diffraction probes. We have detected a clear pressure-induced structural transition in both materials, evidenced by the appearance of new Bragg peaks and Raman features, deviating from the starting hexagonal graphitic structure. The high-pressure phase is identified as a partially disordered orthorhombic structure, consisting of mixed $s{p}^{2}$- and $s{p}^{3}$-type bonding. Our experimental findings serve as direct evidence for the existence of a metastable transient modification in cold compressed carbon, lying between the $s{p}^{2}$-type graphite and ${sp}^{3}$-type diamond allotropes.