Your issue could be any number of items. You did not indicate if the coolant remains full or not nor how fresh the coolant is.
Therefore it is hard to give anything but general opinions.
If you loose coolant it could be as simple as a leak that could explain overheating and air bubbles.
Or it could be a much more serious condition such as a blown head gasket, which also explains overheating and bubbles.
Of course these are only in my opinion the extremes on conditions that could cause your symptoms and far from an exhaustive list.
Best of luck