What is a trend reversal, what is not?
I may be bearish but I will speak my mind, A bottom and top reversal is a process, it takes waves of buying/selling before it reverses. There are exceptions to this, I'll go over later. But the idea is that momentum in a direction doesn't stop suddenly.
In this case, bear pressure is still high. However, temporarily, bulls manage to rally to the 500 usd/btc level and maybe even higher. This is unlikely to be a reversal simply because we are in a downtrend. This downtrend didn't take form today or this week. It took month of stagnation before it took place. Similarly, May19 bull rally took a month of stagnation to rally as well.
If you are trading, be cautious in this high volatile market. They say, bulls make money, bears make money, pigs get slaughtered.
The exception to the above reversal process is when there is a bubble like rally or a super panic selling. I don't believe we have reached those scenarios considered how bitcoin has performed based in the past. During a movement of panic buying or selling, there might not be a reversal process or stagnation. Trend reverses right away.