What does baptism signify according to the Bible?

In the context of 1 Peter 3:21, baptism serves as a figure that represents a believer's identification with Christ. It vividly depicts the death to sin and self by symbolizing our burial with Christ, as well as our resurrection to new life in Him. It's important to clarify that baptism itself does not save; rather, it is an outward sign of the inward reality of salvation and a good conscience towards God as a result of faith in Christ's finished work. Baptism thus reflects the transformative power of the gospel in the life of a believer.