How To Change Target Url In An Url Shortener From A Pre Existing Url To A New One

For the bit.ly service, can an already shortened URL, while logged into bit.ly, be changed to the target URL? The shortened URL in my query is:

I want to give it a new target URL than what it currently leads to as an error (due to change of Windows to tile interface and/or Skydrive to OneDrive).