Bitcoin sell-off paused after Wednesday's Fed meeting, allowing for a small rebound in prices. Now it's time for the release of US non-farm payroll data.

According to news platform Reuters, the non-farm payrolls report will be released by the U.S. Department of Labor at 12:30 p.m. UTC. The world's largest economy is expected to have added 243,000 jobs, up from 303,000 additional jobs in March. Other expectations include that the unemployment rate will remain below 4% for the 27th consecutive month and that average hourly earnings will increase by 0.3% month-on-month, in line with the increase in March.

Just before the release of the data, bitcoin (BTC) was trading steadily, while the dollar index was weakening.

According to CoinDesk data, leading cryptocurrency by market capitalization is hovering around $59,000 at the time of writing. This represents an increase of more than 4% from Wednesday's low of $56,500. The dollar index, which measures the dollar's exchange rate against leading fiat currencies, fell over 1% to 105.20 after Fed Chair Jerome Powell's press conference following the Federal Open Markets Committee's decision. At the press conference, Powell stated that a rate cut is unlikely.

According to ING, the upcoming jobs report could be a crucial catalyst for markets and test optimistic bets on Fed rate cuts.

Continued weakness in the dollar could bode well for risk assets, including bitcoin. Crypto currency has a tendency to move in the opposite direction to the dollar, which can single-handedly affect global liquidity conditions.

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