CYCLING AND BONE DENSITY
According to the AAOS, cycling does provide a small amount of potential bone-building; however, it may be limited to the upper body when braced against handlebars, or your legs when you stand up and pedal. Pedaling while seated does not increase bone density, as the bike is supporting your weight. It is important to note that cycling is a healthy form of exercise, and if weight-bearing exercise is not an option, AAOS states that cycling is at least somewhat beneficial.
I read somewhere that cyclist have a lower bone density because they lack the impact
of walking and running.
http://www.livestrong.com/article/240095-cycling-and-bone-density/