b12,
Test your website first: Is the URL you’ve given bit.ly working when entered directly (assuming that you’ve removed the space in your flag set)?
Tip: Change the second RewriteRule’s flag to include R=301 so you can verify that it is redirecting correctly. THEN remove it again.
If they’re working, then check the URLs you have registered with bit.ly to be sure that you have the correct URLs.
Regards,
DK