It’s literal meaning is testicles, but somewhere along the way it also became a slang term for lies or nonsense, just like "bullshit". So, yes, it is both.

Ah the intricacies of the English language. Marvellous. If I may I’d like to add my tuppence to this debate. Bollocks is indeed slang for a mans testicles and can be used as has been suggested here in a few ways.
A disparaging term it can mean that something is ‘rubbish’ as in ‘that film was bollocks’ i.e. that film was not good. You can say that someone is ‘talking bollocks’, as in again in the sense that someone is talking nonsense. As has been suggested here you can literally kick someone in the bollocks – this is not good and is to be avoided. However one can also describe something as being ‘the dogs bollocks’ and here’s where it gets complicated….. The ‘dogs bollocks’ usually means something is good. Such as ‘that rather appetising fry up was the dogs bollocks’ (translation ‘that breakfast of fried food stuffs was rather good’). I’ve no idea why a canines testicles are good – but they seem to imply a certain finery or excellence.
So bollocks can be both good and bad.

Bloody wanker!

haha

it’s an acquired taste from what I hear Rosa…

Surprizingly,can be used as a softer form of F***,F***ed or F***er.
‘Bugger off,I’ll be buggered,bugger that,bugger,bugger me,bugger you, silly bugger,cheeky bugger’ and so on.
Also as a place like hell.
‘Go to buggery, throw/hurl/toss to buggery’
It is not often thought of in the literal sense.Although ‘hurt like buggery’might come close.