Can we power up Bolt wifi module with 5v and GND pins of BoltIot module?

The micro USB power port is loose and not powering up the BoltIot module. The USB port is not connected properly.

Yes you can power up the Bolt wifi module with 5v and GND pins.
Bolt Wifi module can power up using the 5v and GND pins which is same as using micro usb which provides same 5v through the cable. Since Bolt Wifi module has voltage regulator to convert it to 3.3v. You can also connect to 3.3v instead of 5v, if you have 3.3v supply.

You cannot power up BoltIot module with 5v and Gnd pin, since they are configured to supply power to external elements and it cannot accept power. Like arduino, BoltIot module does not have a Vin pin.