The mach # is easy to understand - compressibility happens as a function of speed...and the plane is going relatively fast up there...about 0.72 Mach, the cruise speed of a Boeing 737. The air has to get around the plane as the plane flies through it, but the plane is at .72 MN, so, some of that air that flows across (not over) the wing, or moves out to go around the fuselage is having to get pretty close to the speed of sound to do it. So, without having any parts of the plane get supersonic air flow (the plane as a whole is clearly subsonic), you have to stay about .72 MN.
Now, here's where it gets tricky...the Indicated Air Speed is really low at that altitude for a given True Air Speed. True Air Speed is how fast the airplane is moving through the air mass itself (pretty fast in this case, see above), but IAS is a measure of dynamic pressure acting on the airplane. It's measured by little probes on the airplane that measure the difference between static pressure (the undisturbed air pressure) and the dynamic pressure (pressure that happens from the motion of the plane). So, lift is generated by IAS - the pressure of the air acting on the wing...but the air is really, really thin up there, so while it is moving fast, not too many air molecules are hitting the airplane, so not much pressure is being created...so, the airplane is near stall because there isn't enough air for it to get good lift.
At sea level, .72 IMN would give you about 450 Knots of IAS...because that's about how fast your true airspeed is, and the air is nice and thick...lots of molecules hitting the plane and creating lift (and drag and thrust, etc.). But at 70,000 feet, your IAS at that speed will be down around 100 IAS (guessing, I am certain that you can look it up)...so while the plane is moving fast, it is really close to stalling because the air is so thin. It's flying at a moderately high angle of attack, just to generate any lift from those few, spread out, air molecules flowing over it.
As a data point: at 60,000 feet in an F-14, I was flying at 1.5 IMN. 1.5 times the speed of sound, or about 900 Knots true airspeed. But the plane was mushy on the controls because the indicated airspeed was about 300 Knots, or 1/3 of the pressure that you would expect because the air was so thin, and with teh wings tucked back at 68 degrees (for drag), it wasn't making a whole lot of extra lift...now...the U2 can't get anywhere near supersonic (for structural reasons), so it flies along at a point where the minimum IAS is right next to the maximum TAS...it's known as the "coffin corner"...because you can't speed up and you can't slow down...