Sounds to me like the peely skin. Its kinda bubbles a bit before it peels. It is VERY common with newborns, especially term and overdue babies. My DD2 has it atm and has since about the same age.. shes loosing a layer of skin all over.. both my other kids did also. Not much you can do for it.. i just put a bit of sorbelene on it, but once the layer comes off then theyll still have that beautiful newborn skin under it.