Hello @sameerchavan - I believe that @clausimausi is correct: currently there is no elegant way to put items into an Archive folder that is not searchable.
Here is what I do, and it works well enough, although it requires a bit of regular maintenance to perform.
Every user can create a Free Organization within their Bitwarden account, and it can contain up to two Collections. I named my collections Archive and Temp. In the Web Vault, I went into the organization’s settings and changed my users settings (under Manage → People) so that my Archive collection was hidden from me, and I made the Temp collection visible (see screen capture below). You only ever have to do this once and then you are setup for archiving BW items.
To archive items, I use any BW app/client to move the item to the organization’s Temp collection. Items will still be visible at this point on all the clients/apps. When I have accumulated a few items to archive, I login to the web vault and move the Temp items to the Archive collection, and then they are only visible in the organization view in the Web Vault, but not in my BW clients/apps. It works quite well, albeit not as slick as a dedicated Archive folder that is hidden within the personal vault.