Originally Posted by
Sigwx
Waterhorse has answered it perfectly. For those who prefer pictures the graph below shows how for a fixed Mach No. an increase in altitude leads to a reduced True Airspeed.

When you give a Mach number, is that an air speed referenced against what Mach 1 would be in air at standard temperature and pressure, or is it the "true" Mach number, i.e., referenced against the current sound speed of the fluid through which you travel?