I read an interesting sci-fi short years ago regarding the star of Bethlehem. The idea was that an alien society died when their star went supernova to light the way to Bethlehem for the wise men. That aside, it likely was a supernova.
Astronomically it is supposed to have been a conjunction of Jupiter and Saturn in the constellation of Leo. Jupiter is one of the brightest planets in the sky and Saturn gives a yellowish tint. Symbolically this represents Jove, the Father God of the Romans (the greeks had Zeus) and Saturn is Kronos, a time lord. Leo is the natural home of royalty. Thus the wise men from the East could use their almanacs to locate the place of birth and the son of God, 'of David's line.'