Hello, thank you for reaching out to Microsoft Q&A.
Several users have reported the same issue in the last few days. So, the problem might be on Microsoft's server side. I recommend that you wait for some time before logging in or resetting your password, as it may temporarily block your account.
Another option, try an alternate method to sign in instead of using your password. (See if these below recommendations work for you, as they helped others)
That is, after typing your email address (username) and on the next screen where it asks for your password, select "other ways to sign in."
Get the verification code via an alternate email address or phone number, then sign in.
(Or) Use the Account recovery form (Some users said that they were able to regain access to their account after getting verified by Microsoft after filling out the form).
Remember to use a familiar device from which you've frequently accessed your Microsoft account, as well as a familiar location. Microsoft will review your responses and respond within 24 hours. If you are verified, instructions on how to log back into your account will be sent to you, and if you are not verified, you will need to submit the Account Recovery form again. You can do this up to 2 times every 24 hours.