The old spike stump still looks to be alive, so the plant could be attempting to re-grow it, but the only point available for growth is the origin point on the stem?
I’ve had the very tip of a phal spike snap off just as it had finished forming a node, the tip was barely visible beyond the node bract when the break occurred. Not only did the node grow, but it split and I ended up with two branches at the break point. Hopefully yours keeps it up this time.