To be honest, it seems to me like the song is about Dylan's inner rage with a former lover.
The phrases "From the bottom of my heart comes a cold dark feeling, I have buried so much in the layers I'm peeling" and "Not every smile means I'm laughing inside" explains how this rage has pent up for so long, and is now just starting to seep out through a layer of falsities.
To be honest, it seems to me like the song is about Dylan's inner rage with a former lover. The phrases "From the bottom of my heart comes a cold dark feeling, I have buried so much in the layers I'm peeling" and "Not every smile means I'm laughing inside" explains how this rage has pent up for so long, and is now just starting to seep out through a layer of falsities.