"Blow a bubble in the air,
Bubbles, bubbles, everywhere."
Answer:
It can be both, because the definition of blithe is “showing a casual and cheerful indifference considered to be callous or improper.” And that is negative, but the other definition is “happy or joyous.” Which is positive
Explanation:
Are there options, I assumed there would be since you used the word "which".
The definition of tranquility that is most likely suited for this line is calmness: peacefulness.
That is what the word tranquil means.