Large bright object hovering over trees

We witnessed an extremely bright orb floating high in the sky over trees. For about 10 minutes It didn’t seem to move. Just hovered. We were able to judge what it was doing by where it was in relation to the treeline. Over the course of about 20 minutes, it came down closer to the tree line and then went west very very fast. It covered a great distance in just a few minutes, then was completely gone. The object was a very large floating orb that changed colors. I witnessed this, my husband and daughter, and the neighbors as well. We have never seen anything like this before. I’m attaching a video taken with an iPhone. There may be a simple explanation for this, but I would really like to know what it was.