I have received an email requesting I provide a new password or else in 24 hours my account will be deactivated

The message described is almost certainly a phishing/scam attempt, not a legitimate Microsoft requirement to change the password.

To verify and protect the account:

1. Check if the email is really from Microsoft
   • Legitimate Microsoft account security emails come from domains such as @accountprotection.microsoft.com, for example ******@accountprotection.microsoft.com.
   • If the sender is anything else (misspellings, extra words, or non-Microsoft domains), treat it as phishing.
   • Do not click any links or open attachments in the suspicious emails.
2. Check recent sign-in activity
   • Go directly (using a browser, not email links) to the Security basics page and sign in.
   • Open the Recent activity page to see sign-ins for the last 30 days. If there is activity that is not recognized, expand it and follow the prompts to report This wasn't me or Secure your account as described in the guidance.
3. If anything looks suspicious on the account
   • From the Security basics or Security settings pages, immediately change the password to a strong, unique one and update security info (phone, alternate email, Authenticator, etc.).
   • Follow the steps in the “If someone has accessed your account” and “How to recover a hacked or compromised Microsoft account” guidance if there are signs of compromise.
4. If the account page shows no issues
   • If the Microsoft account dashboard and Security basics pages show no alerts or required actions, and the only warning is coming from the email, then the email can be treated as phishing and ignored/deleted.
5. Handling phishing in Outlook/Outlook.com
   • In Outlook/Outlook.com, mark such messages as junk or phishing so they are filtered in the future, as described in the phishing guidance for Outlook.

The account itself does not get deactivated simply because of a random email; any real required security action will also appear when signing in directly to the Microsoft account and security pages, not only in an email.

References:

• What happens if there's an unusual sign-in to your account
• Can I trust email from the Microsoft account team?
• Check the recent sign-in activity for your Microsoft account
• Phishing and suspicious behavior in Outlook
• My account got hacked. - Microsoft Q&A
• I think I'm being scammed, but I want to make sure. (Though I may be in the wrong place.) - Microsoft Q&A
• Is this legit email also? - Microsoft Q&A
• Email from M!CROSOFT - Microsoft Q&A