Cycling, being a low-impact cardio exercise, is an excellent way to lose body fat, in general. But (as you you seem to be asking about) , you can't target specific area for fat reduction (as with sit-ups, for example). Unfortunately, it just don't work that way.
Oddly, the body seems able to put it on in selective areas,(particularly belly,butt,thighs, depending on the individual's genetics) but you can't really reduce it the same way (to any meaningful degree, anyway.)
You're body is going to reduce fat, however it's programed to do it, all you can really do is keep exercising and eating properly till you get where you want to be.
A big positive you have going for you, is your age. You should have the energy to do enough exercise, and you're young enough that your body isn't desperately trying to hang onto any fat it has ( both issues us guys in our 50's have to deal with ! )
So (if you haven't already) completely drop the Cokes, candy, chips, high calorie junk food, etc., and drink nothing but water, and keep hitting the gym and the bike, and at your age, you should be able to lose fat very easily and quickly.