The Blues boss witnessed a Jekyll and Hyde display at White Hart Lane as goals from Roman Pavlyuchenko and Luka Modric gave Tottenham a two-goal lead at half time.
Yakubu pulled one back after the break but despite having much the better of the second period, the Blues could not muster an equaliser.
'We didn't deserve anything in the first half, that is for sure,' Moyes said.
'But by the end of the game we probably deserved something out of it. We just gave ourselves too big a mountain to climb in the first place.'
Moyes was pleased with the response after the interval but said his players owed it to the supporters, adding: 'It was a spirited second half but they needed it.
After the first half performance they needed it and after the performance in midweek against Sporting they needed it, because they weren't good enough.
The second half I can look at and say the supporters got their money's worth out of us, but they didn't in midweek or the first half today.'
Landon Donovan missed one particularly gilt-edged chance to level the game, somehow firing wide from three-yards out and the manager confessed it may have proved a turning point if the American had converted.
'Landon's miss is one we're looking at and probably saying if that goes in it's two each with 10 minutes to go, we've got the momentum and we may well have gone on and won the game.'
The manager also praised Phil Jagielka who impressed after replacing Leon Osman at half time.
'Phil made an undoubted difference,' he said. 'We looked as if we could deal with one on ones, we looked assured and more comfortable, and that made a big difference, it really did.'
Meanwhile Harry Redknapp revealed the full extent of the injury crisis in his squad.
Tom Huddlestone was carried off on a stretcher after getting his foot caught by John Heitinga while taking a shot during the 2-1 win at White Hart Lane, adding to Redknapp's problems in midfield as Jermaine Jenas requires surgery on a groin injury and Wilson Palacios is walking a disciplinary tightrope on nine bookings.
In defence, Ledley King has a thigh problem and Jonathan Woodgate looks likely to miss the rest of the season with his long-term groin complaint.