Arsenal missed out on closing their gap to Premier League leaders Liverpool to four points as they drew at Fulham on Sunday.
Their draw at Craven Cottage coupled with Chelsea's 4-3 win at Tottenham Hotspur means Arsenal are third, six points behind Liverpool, who have a match in hand after the Merseyside derby scheduled for Saturday was postponed due to bad weather.
"I'm gutted that we didn’t win it, because I think we deserved to win from the beginning to the end. We did almost everything that we had to do to win it," Arteta said.
“You cannot cry about it, it’s the reality of this league, it’s the beauty of this league.
"We really wanted it [to close the gap to Liverpool]. We have good momentum and it was a really crucial moment for us to go for it. We certainly did. We certainly tried and we were so close to doing it. Unfortunately we didn’t manage to achieve it.
"If we continue to play at this level with the threat that we are we are going to win a lot of games."
Captain Martin Odegaard says he and his Arsenal team-mates only need to focus on themselves.
"We don't care about the other teams [in the title race]," Odeagaard said. "It's a very long way to go. We've said hundreds of times we have to keep going game by game."
"We didn't do enough today. We have to learn from that and straight back in for the next one."
'It's a big chance missed'
Arsenal legend Ian Wright says Arsenal will be disappointed they couldn't take advantage of Liverpool not playing this weekend, suggesting Liverpool could easily drop points in their rescheduled match against Everton.
"It is a big chance missed," he added. "A Merseyside derby, you don't know what's going to happen, it could be a tough game."