The present invention is a bottle cap assembly comprising an anchor for attachment to a bottle and a cap portion removably attached to the anchor. The anchor has a first connector, and the cap portion has a second connector. The second connector removably engages the first connector, when the cap portion detaches from the anchor, and extends around the circumference of the cap portion, so that the cap portion can be attached to the first connector in any orientation. The first connector can also be mounted on a tab extending down from the anchor. The first and second connectors can be male and female connectors, respectively. Alternatively, the first and second connectors can be compatible magnets. A retaining member can also be used to permanently attach the cap portion and anchor member to reduce the risk of loss when the first and second connectors are being engaged.