Steven Gerrard's right-foot strike ensured a draw for Liverpool in a game that Bolton led twice.
Nicky Hunt's low drive put Bolton ahead before Michael Owen, Anthony Le Tallec and Gerrard all wasted good chances.
Gerrard's second-half free kick picked out Sami Hyypia unmarked for the defender to equalise with a header.
But Bolton hit Liverpool on the break, with Kevin Davies heading the ball for Youri Djorkaeff to score from 18 yards before Gerrard levelled again.
Had Bolton taken all three points it would have been the first time they had won four consecutive Premiership games.
But the draw means Liverpool stay above Bolton in the table, but only by the slender margin of two points.
Liverpool should have taken the lead within two minutes.
Gerrard picked out a completely unmarked Owen with a free-kick, but the England striker made a poor contact from eight yards and Jussi Jaaskelainen easily saved.
Bolton should have been trailing but instead took the lead.
Liverpool failed to clear their lines and the ball broke to Hunt, who struck a low drive home from the edge of the area.
Bolton had an excellent chance to extend their lead after Ivan Campo's sumptuous through-ball put Henrik Pedersen clear, but the Danish striker shot over the crossbar from 18 yards.
11 mins: Hunt fires Bolton ahead
18 mins: Pedersen shoots over
43 mins: Jaaskelainen saves from Gerrard
51 mins: Hyypia heads Liverpool level
58 mins: Djorkaeff restores Bolton's lead
69 mins: Gerrard equalises again
Hunt then played a neat one-two with Per Frandsen but goalkeeper Jerzy Dudek
managed to parry his close-range effort.
Harry Kewell should have equalised after Owen's incisive through-ball left him with only Jaaskelainen to beat, but the Australian delayed his shot and the Bolton keeper made a one-handed save.
Liverpool had two more chances to equalise before the interval, Jaaskelainen saving from Gerrard and Le Tallec miskicking from six yards, but Bolton held on.
But the visitor's pressure eventually told, Gerrard picking out a completely unmarked Hyypia with a free-kick that the Finland international headed home.
Liverpool could not build on their equaliser and Bolton again took the lead with a rare foray into Liverpool territory.
Kevin Davies cushioned an optimistic long ball up-field into the path of a completely unmarked Djorkaeff, who smashed the ball home from 18 yards.
Houllier's team equalised again through the excellent Gerrard.
Liverpool hit Bolton on the break through Le Tallec, who crossed for Gerrard to claim a second goal.
Bolton had an excellent chance to lead for the third time deep in injury time, but Bruno N'Gotty failed to head home Djorkaeff's free-kick despite being completely unmarked 10 yards from goal.
Bolton: Jaaskelainen, Hunt, N'Gotty, Thome, Barness, Campo, Nolan, Frandsen (Ba 26) (Charlton 82), Djorkaeff, Pedersen, Davies.
Subs Not Used: Poole, Otsemobor, Javi Moreno.
Booked: Davies, Campo, Thome.
Liverpool: Dudek, Finnan, Henchoz, Hyypia, Carragher, Le Tallec (Murphy 84), Hamann, Gerrard, Kewell, Owen, Cheyrou (Sinama Pongolle 65).
Subs Not Used: Luzi Bernardi, Riise, Biscan.
Booked: Finnan, Kewell.
Referee: A Wiley (Staffordshire).