Anyone know what this might be...?
Anyone?! :P
There are all kinds of ligaments that hold your spine and tailbone to your hip bones. Google "pelvic anatomy" and you'll get the idea.
On your back with your knees bent the weight of your legs are shifted towards the floor. This could change the way the bowl of your hip bones fits in line with your tailbone and spine. That would cause a change in pressure and the pop you describe. (Popping your knuckles is usually caused by shifting the pressure in the knuckle joint).
Pain, on the other hand, must always be approached with caution. If you feel sharp pain in your back or hips (ever-standing or lying down) you'll want to go to the doctor.
Pressure (a strong sensation but different from pain) is to be expected in small amounts with any change in hip alignment.
If you want to be more in control of how your body alignment feels I suggest Yoga or dance. Even if you don't go to a class, getting a video will help you learn to align your hips, back, shoulders, and legs. Understanding how these parts work together can make any movement or sport easier.
Hope that helps.
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