1. Create a new work area and fill it with your background color. Then go to your layers window and create a new layer.

2. With your new layer selected, go to the eclipse marquee tool and while holding the shift key, draw a circle the size you want your button's base to be. Use a grey color to draw it. I used #9F9F9F. Here are the options I used and this is what your image should look like...

3. Set your foreground color to white (#FFFFFF) and then go up to Filter -> Render -> Different Clouds. We should have something that looks dark and hazy like this...

5. Now create another layer and draw a red circle smaller than your base circle and place it off to the side like I did with mine below. Be sure to hold down the shift key while you draw your circle like we did above for the base. I used #C31C1C for my red color.

6. Now go to your layer properties and choose Inner Shadow. Match my settings below to create sort of a soft bubble on your red circle.

7. Now create another layer and draw another circle in a shade of red (or whatever color you're using) slightly brighter than before. I used #E42020 for my lighter color.

8. Now select your color burn tool, set the range to Midtones, the brush size to 65px, and the exposure to 56%. Put your burn tool circle right over your last circle layer (The top of the button) and click your mouse about 4 to 5 times until it looks just slightly darker like this:

9. Now to get our shine on! Create a new layer and select the eclipse marquee tool. Make sure subtract from selection is picked, just like this below.

10. Create an oval and then create another one eclipsing that, like a solar eclipse. If you've done this correctly you should have a little sliver half-moon effect that looks something like this below. Try to get your half moon towards the left side of the button and not the bottom. With this step you're bound to make some mistakes, so don't forget you can hit Ctrl + Alt + Z to undo your changes. These hotkeys will be your friend for this step to get it perfect.

11. Fill your selection with white and then go to your layer window and select its opacity to about 20% to 30% depending on what you think looks best. I used 30% for mine. Deselect your little half moon and it should look like this...

Now slap on some of your favorite text and you're done! For mine, I've used some simple text effects which are included in the PSD. If you want to make the button look like it has been "pressed," just move each of your circle layers (not the base!) around and you'll see the button start to shrink. Check out my mouseover!