Maxi Rodriguez's 86th minute strike was enough to earn Liverpool a three-point haul at the Reebok that pulls them out of the drop zone.
The win secures back-to-back league victories for the first time under Hodgson but while pleased with the result, the experienced tactician is taking it one game at a time.
Hodgson said: "If we had come into this game in a different position in the league table and with a few wins behind us, I think we would have settled down and been a bit more relaxed.
"As it is we are affected by the table and the fact we have started so badly.
"We have been rightly criticised for starting so badly and when that happens one of the things that goes out of the window is composure and confidence.
"I have been as devastated as everyone has by the lack of results but I have never stopped believing that work would pay dividends. It is just a question of timescales.
"I am still not convinced it is going to pay dividends in a short timescale, it is going to be a longer job.
"It is still too early to be too optimistic but at least it is a step in the right direction.
"The players now know they have got the ability to dig in, even in games like this, which is a good thing to know.
"It is nice to see a little bit of light at the end of the tunnel."
Liverpool started brightly but the still misfiring Fernando Torres missed two good chances early on and Bolton then settled.
The hosts gave as good as they got and created a number of good chances, the pick of which came just before Rodriguez struck when Kevin Davies headed narrowly wide.
Sotirios Krygiakos had two good headed opportunities for Liverpool but Bolton also had three penalty appeals turned down.
Hodgson added: "We had so much of the ball, so many situations where I though we had opportunities and we wasted them.
"Luckily one more came up and we took it.
"When you don't do that you are always worried one of the long throws or long balls into the penalty area is going to bounce kindly for the opposition and you are going to lose the game.
"I was delighted that didn't happen. I thought it was a very gritty performance from our back four."
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