From the bit.ly specification:
How does a bit work? bitloos works by issuing "301 redirects": a method for creating a web page at many URLs. When you shorten the link with a bit, you redirect the click from the bit address to the destination URL. Redirecting 301 is the most efficient and search engine friendly method of redirecting web pages, and this is what it uses. Since the Beatles do not reuse or modify links, we believe that our redirects are permanent.
This means that you need to take a look at the Location heading to find out where to redirect when you receive a 301 response code. Here is an example of a 301 response:
HTTP / 1.1 301 moved forever Location: http://www.example.org/index.asp
source share