Can anyone explain what I’m seeing??

Can anyone explain what I’m seeing??
Time: 2:07am 

Date: 01/13/25

Location: Salt Lake City

We observed this object move from its original position and it became more steady not long after this was taken. The telescope has a 700mm focal length and the footage was captured on an iPhone 15 w/ slo-mo. 

When observed by the naked eye, you can see the light course blink and change colors. That’s what caught our eye to pull the telescope out. It was also hard to record the phenomena because it would move out of frame after about a minute of observation. Any explanations are welcome 🙏🏽