Colorful spot in the sky

Not ready to say this was a UFO, but it was cool to see and worth reporting in case anyone else saw it.
Last night (1/9/2023, approximately 7:30 - 8:00pm) , while taking the trash out, I noticed a twinkling/flashing light in the sky to the south-southeast of our house. Didn't think much of it at first, as we do have a lot of air traffic around us, and that's the how the colors appeared to the naked eye - looked like a plane possibly coming straight towards me, with it's red/green/white lights. I continued to watch it for a few moments, expecting it to get closer, but using stationary landmarks to compare against, it did not appear to be moving (meanwhile, had planes going by as normal). I watched it for about 5 minutes, then decided to grab a pair of binoculars to try to get a better look. When I returned outside with the binoculars, it was still in the same spot - through the binoculars, I couldn't make out a shape, but could see a whole rainbow of colors (the colors were in a bit of a starburst pattern around the core object, so it may have been just from the binoculars). I continued to watch it for another 15 minutes approximately before going back in the house for the night.
Felt that was worthy of reporting, even if it wasn't a UFO - just in case anyone else reports something similar in the area. Planning to go back out tonight, if the sky is still clear, to see if it is there again tonight...and if it is, I'll get the telescope out and try to get a better look at it.