Yes, Botrytis or bud rot.
No need to cut the entire top off, just remove all affected parts and try to avoid spreading it anywhere else with either dirty hands or tools. Keeping the flowers dry and out of the rain should prevent it from returning. With removing the affected parts, try and also open up the area around where the damage is to more air exposure, the air will dry the Botrytis out and hopefully prevent it from returning in the same area. Unfortunately, if the mould/rot has progressed through to the main stem, the upper portion of the crown bud may die, but hopefully not.
Do not smoke any mouldy buds, it will damage your health and do not use it in extracts of any type either, it will be also be damaging to your health if consumed. Sadly, the garbage is the only place for it and don't just throw it in the garden, this will keep it alive and allow it to spread spores.
Hope this helps, Organoman.