GoDaddy is the best domain registrar. Many domains are registered with GoDaddy and hosted elsewhere. To do that, you need to change nameserver with GoDaddy. See how to change or point your name server settings in GoDaddy to the hosting server with your web host.
To host a domain which was registered with GoDaddy on Bluehost web servers, you can simply change DNS name servers from GoDaddy to Bluehost and add it to your cPanel with Bluehost.