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Did not win, ?Bid over buy it now price?

I placed a snipe on a product with a current bid of $1.99, Buy it now of $5.99. My snipe max bid was 11.78.
The auction ended early in the morning, but I thought I mught be able to get it for less than 5.99, but if not I still wanted it anyway.

I did not win the item, I think it is because my max bid was above the buy it now price. What do you think?
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