It sounds like you have a Psychopsis. They like small pots, and they hate being repotted. And they do indeed keep flowering from the same spike for years. Twice a week doesn't seem like too much water in such a small pot. Since you describe the medium as hard it probably doesn't absorb much water at all. It isn't unusual for any orchid to lose a flower prematurely when it is moved to a new environment. As long as the plant looks healthy and the new buds continue to develop I wouldn't worry about repotting until after you have a few months to enjoy the flowers and evaluate how the plant is doing under your care.