Your bolt head will be tougheend. If the job isn't critical, anneal it by heating to a good red heat and cooling slowly.
Take a piece of HSS of the same diameter as your groove's width, make a holder for it and grind the tip away to half thickness for about 1/2 of a diameter distance. provide a few degrees of relief at the end of the cutter and just a smidgin of top rake (only a little so it doesn't dig).
The shape won't jam at the sides, even in small diameter grooves but you will need to go slowly.
It works, I've used one to groove the side of a laser cut flywheel in medium steel.
Neil

