Hi there welcome to OB! Your orchid is talking to you. You just haven't learned to speak orchid yet.
That will come in time.
Mothra has given you excellent advice. Looking at the roots through the side of the pot I can see that they are green. What this tells me is that the medium is still wet and the roots are still trying to absorb the water. Orchid roots are covered with a material called velamin. The actual root lies in the center and isn't really visible. The velamin is like a sponge and soaks up surrounding water from the medium and directs it to the root core which in turn sends it up to the leaves. When the velamin is dry it turns a white/gray/tan color. For Phals ideally you want to let them dry out a bit between waterings. The clear pot is nice because you can see your roots and tell by the color and lack of condensation on the sides of the pot if it's time to water or not. If the roots stay soggy and there is not enough air circulating through the pot because the medium is too degraded and compacted the roots suffocate and die. Keep in mind that most orchids are epiphytes and live up in trees with their roots hanging out all over the place. They adapt well to growing in pots but the roots need lots of air.
I would say that Mothra's assessment is correct. It looks like it is planted in a mixture of sphagnum moss and bark or rock. The sphag is notorious for holding too much water for too long, especially if it's packed tightly in the pot. I would recommend a repot ASAP. Most people use a fir bark mix or coconut husk chunks mixed with perlite and charcoal. I personally prefer the coco but it works for my environment. You'll have to do some experimenting to see what works best for you. If you like to water a lot you might want to use bark. It drains quickly and retains less water than coco. You may have to cut the spike as Mothra did, but in the end the plant will live to bloom next season if cared for properly.
The shriveling buds are what's commonly referred to as "bud blast". You are correct that it is usually caused by a sudden change in environment.
Hybrid Mode
