some of the blooms will fall off...its their nature if their flowering is over...but it doesnt mean that its dying...in fact with the two Phalaenopsis: dont cut the spikes unless it turns brown and dry. More blooms might come from it if you do your watering well...the leaves are fine and the roots are good...take good care of it...it will give you more flowers...as I see in your picture: you have a happy healthy plant...only a bit dehydrated
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Here is a link to Silken's advice about Phals...you might find it quite informative:
http://www.orchidboard.com/community...tml#post464930