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Testing using a Free site, I went to my.atlassian.com and clicked to cancel the subscription as well, but there is no button to reactivate the site, but I found a workaround that does the trick.
On the Manage Subscriptions page (the one from the screenshot) click on Change and select the Standard Plan. Once it updates, it will show that you need to add a credit card, but don't worry about it. Click on Change and select the Free plan again.
I recorded a gif showing the steps: https://share.getcloudapp.com/04uqv6oG
The message "Cancellation pending" will not appear anymore and if you go to my.atlassian.com it will show that your site is active.
Please, give it a try and let us know how it goes.