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.
It's because the people who want to sell, and have sent coins from their hardware wallets to the exchange, can't sell their coins because they are stuck in the mempool.
Fiat transfers to the exchanges are happening quick, but bitcoin transactions to the exchanges are happening very slow. So people are able to buy (with fiat) but can't sell (as their coins arn't on the exchanges).
The mempool dropped as the coins hit the exchanges - and those people then sold, taking BTC from $16,000 to under $14,000.