You have to wonder how many Phalaenopsis have been saved by advice given on various forums.
The easy beginners orchid? Not in my opinion... an opinion shared by many in the local orchid society when it was announced that the new orchid growing competition plant is a Phalaenopsis. Not much enthusiasm!
Anyway, the 40 plants have been handed out and we will sit back and see what happens.
Back to your problem. Find some complete culture notes on the net that relate to your climate and growing conditions. Give some more information about your growing conditions and read some of the past threads here....to find them...put Phalaenopsis in the search box on the top of this discussions page.
Did the two new bloom shoots come from the base of the plant or did they grow from an existing flowering stem?

Well it doesn't sound so much that your plant is dying just the flowers or buds,right?? What 8 state are you in? That helps to see what it is doing weatherwise where you are.gb

Also see thread "it's not dead unless it's really dead". There's always hope.gb