The highest reasonable price that a buyer can and is willing to spend to acquire an asset, commodity, or service.
A bid price (or bid for short) refers to the amount of money that someone is willing to spend in pursuit of something, be it an asset, security, commodity, or whatever else is available for purchase. This price is usually the highest available to the seller and typically concludes auctions where there is a bidding war or competition to acquire the commodity in question.
In a typical situation, crypto-wise or not, bidding prices are lower than asking prices (which is the price at which the seller has placed on the commodity or asset in question). With peer-to-peer negotiations, said assets or commodities are eventually sold lower than or the same as the price asked for. However, during auctions, sellers have greater initiative with valuable assets and can get much more than the price label.