Skin colored bumps on the penis may suggest differentials of molluscum, warts or they may be skin tags , blocked hair follicles and enlarged glands.
This bleeding may be due an irritation of the area. It is possible that you could have scratched this at one point. As this is relevant to what you have posted, may I ask if you have been sexually active?
Sexual history may be significant at this point if we are considering skin colored bumps on the genitals.
I have touched it but Ive never picked at it
It showed up 3/4 weeks ago it was much smaller than
The bump is mostly skin color with a little redness
How old are you?
For how long is this bump present?
Is this reddish, brown or black in color?
I suggest tha you have this asessed by a urologist early on. Bleeding from any bump or lump in the body suggests further evaluation.I suggest that for the mean time, try to do a self testicular examination. Also, try to observe presence of any enlarged nodes in the groin.
Did you pick on this ?
Here is a url to guide you in performing a self testicular examination: