I have just migrated over my account and have been trying to sign into my account in the Minecraft Launcher. I've tried signing in with Microsoft account information as well as my old Mojang sign-in information, but both have been completely unsuccessful. I am able to sign in using my Microsoft account on Minecraft.net with no issue, but when I enter the same information into the launcher it does not work.
The issue was that I was trying to re-enter the login information as the existing profile. I needed to go back, delete the existing profile, and add a new one using the Microsoft account option.
I thought it would update my existing profile's login info but instead, I had to create an entirely new one. My mods, version downloads, and saves all seem to be working completely fine despite creating a new profile.