That would be a huge red flag for me as well
If the buyer backed out I can understand the quick relist, but to relist with a whopping big price hike and then for it to get taken down quickly? that sounds really off.
The positive feedback this seller had - were there many for sales? not that that always means anything. I've come across other greedy sellers in the past who had good feedback but then have backed out of sales after auctions were won , deciding they can get way more for the item than they originally thought by doing a new listing with a BIN like it wouldn't get noticed *eyeroll* the previous winner/ buyer is generally watching for this sort of behaviour , reports them to ebay , and then the listing gets taken down and negs usually get left
I think you were right not to bid
if the buyer had backed out and the seller wanted to relist but decided to use BIN instead, I cant see why the listing would get taken down - unless there was something amiss