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Well, I think the short answer would be that yes, the Balrog could sense the One Ring. We are never given an exact reason for its presence, so I'll leave that to those better versed in the book-lore than I am.
The Balrog could use the One Ring, just as anyone else could, and since it is of simialr power to Gandalf, who we know could use its power fully, it seems likely that the Balrog could do likewise.
As for whether the Orcs were under its control, judging by the fact that at its presence all the Orcs were terrified of the 'ghâsh' (Orcish word for 'fire', in reference to the Balrog), I find it unlikely that they were under its command.
Also, welcome to the Barrow-Downs!
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