Now when the price dropped from $17k to $14k after the unconfirmed transactions reached 120k from 220k before a day, i think maybe you are right that the reason for it to stay at that level was almost because of the unconfirmed transactions. Though i don't understand the logic behind how it can be possible for the price to stay high because of the unconfirmed transactions because this thing almost stops people from making transactions and a very few people do transactions in these situations when the fees are extremely high. And when there are less transactions, it should make a negative effect instead of making to go even more towards positivity.
As I said before it might also just be coincidental...correlation does not necessarily imply causation !
My idea or logic at best, however was that the price is staying steady because a lot of transactions - no matter if buys or sells or wallet transfers - are stuck and therefore can not influence the price in a negative way. So it can only increase because of the shortage of coins which people maybe sold or transferred but which are stuck and therefore lead to a shortage. So the demand is higher then the supply which might have added up as a factor causing this parabolic price increase...and now that the unconfirmed transactions are slowly decreasing, all the people that wanted to cash out and sold are causing a high supply while the demand is lower. Hence, the btc price is going down and back to a normal, sustainable level.
But thats once more just my two satoshi as a newbie
