Do what you need to do to get major dirt off the bike. Beyond that, avoid spraying high-pressure water/soap directly onto your bearings. You don't want to wash the grease out of your bearings! When the bike is clean, it's OK to wipe it down with a towel and add some wax/polish to make it look nice! The rest of the bike will be fairly rust-resistant: stainless steel spokes, aluminum handlebars, hubs, rims and gears. About the only component subject to rust is the chain, so be sure to dry it and relube it after cleaning it. Rusty chains will perform poorly and wear quickly; and a worn chain will wear out the rest of your drive train; so it's to your advantage to take extra care with it!