Hi ! Something is wrong have you changed the media since you got it , maybe the bark isn't good anymore . Also it is hard to tell from photo but could it have scale ? The plant looks like it has healthy new roots so I would remove spike and enjoy in a vase . Then remove all old bark and rotted roots with a sterile blade . Sit plant a little lower in mix and move to a spot where it will get only morning sun or hang in a tree giving it dappled sun. once you see the plant has revived you can increase the sun gradually. when bark dries water well and like dave said fertilize once a week . Hope this helps .
Rocco
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