As I've tried to say again and again, deciding when to start cutting or to keep bulking depends on your goals. Define those and it'll become obvious.
If I asked you right now the question "are you in shape?", what would your answer be? If it is "no" or "kind of", then what is missing? Are you not strong enough? If so, on what lifts? Do you not have enough stamina/endurance? By what measure? You probably have a decent idea in your mind of what "in shape" is and so you can figure out pretty easily how far away you are from that ideal. For example, if you are primarily interested in strength, being in the "advanced" category in all the
weightlifting performance standards is a great goal. At a bodyweight of 230lbs, this would mean you should work towards a ~415lb squat, ~485lbs deadlift, 185lb press and so on. If "general fitness" is your goal, then maybe working towards the "advanced" category in all areas of the
Crossfit Skill Levels should be your goal. Once you figure out which goals you are interested in, it should be easier to figure out if bulking or cutting will make it easier to get there.
If you deadlift 1-2 times per week (as you should be in SL 5x5) and add 10lbs each workout, then your deadlift will be going up ~60lbs each month. Unless you are a gifted deadlifter, you'll probably start to struggle pretty soon. And if it really is too easy for you right now, you can try 1 or 2 bumps of 20lbs, just be aware that stalling early is worse than staying a bit too light for a while.