A bleed valve having a piston with a sealing member, the piston being displaceable between a first position to seal an aperture of a fluid conduit and an opposed second position spaced apart from the aperture to allow the working fluid therethrough. The bleed valve also has a guiding assembly with at least one guide wheel mounted to the piston and being displaceable therewith along a guide rail. The guide wheel has a guide groove extending inwardly from an outer rolling surface. The guide rail has a rail surface with a guide protrusion. The guide groove and the guide protrusion are complementary and in rolling contact with one another. The bleed valve also has a displacement mechanism for displacing the piston between the first and second positions. A compressor with a bleed valve and method for controlling bleeding of a working fluid are also discussed.