"Bulking" is gaining, the goal being for gains to be muscle mass, but usually is a mixture of muscle mass, lean body weight, and bodyfat.
"Cutting" has the goal of losing bodyfat, with loss in weight occurring, also often lean body mass.
What you want to do is called "Recomping". Recomping is neither bulking or cutting. It is a VERY SLOW process and progress is made much slower than if you were either outright bulking or outright cutting. Recomping is VERY dependent upon your diet manipulation.
I suggest that you get first set yourself SPECIFIC goals (i.e. I want to be x pounds at x % bodyfat) and give yourself a REALISTIC timeline to accomplish them, and then get a professional trainer and/or nutritionist to help you with achieving your goals. Otherwise, once goals are set, read, read, and then read some more, to ensure that you get your nutrition and training targeted appropriately for your goals.
~Rosie
Team APPNUT